From January through June 2023, the Federal Inland Revenue Service (FIRS) of Nigeria reported a historic tax revenue collection of N5.5 trillion.
With N3.76 trillion coming from non-oil sources and N2.03 trillion coming from the oil business, the collection exceeds the mid-year target by more than 100%.
Outstanding performance is a result of enhanced voluntary tax compliance, simplified tax administration procedures, and stakeholder engagement, which pave the way for an encouraging second half of the year.
From January through June 2023, the Federal Inland Revenue Service (FIRS) of Nigeria reported collecting N5.5 trillion in taxes.
This is the largest tax revenue collection the Service has ever seen in the first six months of a fiscal year, according to a statement made on Thursday by Johannes Oluwatobi Wojuola, the Special Assistant to the Executive Chairman on Media and Communication, FIRS.
On Thursday at the Presidential Villa in Abuja, the Executive Chairman of the FIRS, Muhammad Nami, allegedly made the statement while outlining the National Economic Council’s prediction of tax revenue for 2023–2024.
The presentation, which featured the FIRS’ 2023 Half-Year Collection Report, showed that, when compared to a mid-year objective of N5.3 trillion, the FIRS exceeded its goal for the first half of the year by more than 100%.
