The Federal Inland Revenue Service (FIRS) has announced an impressive total tax revenue collection of N5.5 trillion for the first half of January to June 2023. This figure represents the highest tax revenue ever recorded by the service in any six-month period of a fiscal year.
During the presentation of the 2023-2024 tax revenue outlook to the national economic council at the Presidential Villa in Abuja on Thursday, July 20, 2023, the chairman of FIRS, Mr. Muhammad Nami, disclosed these remarkable results. The report showcased the service’s exceptional performance, as it achieved over 100 percent of its target for the first half of the year, surpassing a mid-year target of N5.3 trillion.
In the report, it was revealed that tax revenue collected from the oil sector from January to June 2023 amounted to N2.03 trillion, slightly below the target of N2.3 trillion. Meanwhile, non-oil tax collection reached N3.76 trillion, exceeding the target of N2.98 trillion.
Mr. Nami highlighted that the Service collected a staggering N1.65 trillion in tax revenues in June 2023, marking the highest tax revenue ever collected in a single month.
The exceptional performance was credited to improved voluntary tax compliance, facilitated by the automation of FIRS’ tax administrative processes. Mr. Nami also acknowledged the challenging economic conditions faced during the first and second quarters of 2023 due to the currency redesign and the 2023 General Elections.
Mr. Nami’s media aide, Johannes Oluwatobi Wojuola, quoted him as saying, “This is a good head start as we work towards meeting our target for the year. And it was achieved despite stubborn headwinds such as the impact of the currency redesign and 2023 General Elections on the economy in the first and second quarters of 2023.”
Credit: Leadership News
