FIRS Collects N5.5tn, Records ‘Highest’ Tax Revenue In Six Months

FIRS Collects N5.5tn, Records ‘Highest’ Tax Revenue In Six Months

The Federal Inland Revenue Service (FIRS) has reported a record tax revenue collection of N5.5 trillion for the first half of the fiscal year, from January to June 2023.

This marks the highest tax revenue collection ever recorded by the Service in any first six months of a fiscal year, according to a statement by Johannes Oluwatobi Wojuola, the Special Assistant to the Executive Chairman on Media and Communication, FIRS.

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Muhammad Nami, the Executive Chairman of the FIRS, revealed this achievement during the presentation of the 2023-2024 tax revenue outlook to the National Economic Council at a meeting held on Thursday at the Presidential Villa, Abuja.

The presentation included the FIRS’ 2023 Half-Year Collection Report, which indicated that the Service surpassed its target by over 100 percent for the first half of the year, with a mid-year target of N5.3 trillion.

The report further showed that tax revenue collected from the oil sector during the period from January to June 2023 amounted to N2.03 trillion, slightly below the target of N2.3 trillion. On the other hand, non-oil tax collection reached N3.76 trillion, surpassing the target of N2.98 trillion.