FIRS generates record N6.4trn revenue in 2021

File photo of FIRS Chairman, Muhammad Nami.

The Federal Inland Revenue Service (FIRS) has generated a record N6.4 trillion as revenue in 2021, the highest in its history. This year’s revenue collection exceeded that of 2019 when the agency raked in N5.3 trillion under the administration of Babatunde Fowler.

Spokesman to FIRS Chairman, Oluwatobi Wojuola, who disclosed this via a statement issued on Thursday said that despite the limitations faced in 2020 and 2021, the service achieved over 100 percent of its collection target. “The FIRS, in the year 2021 collected a total of N6.405 trillion in both oil (N2.008 trillion) and non-oil (N4.396 trillion) revenues as against a target of N6.401 trillion,” Nami said.

“Companies Income Tax amounted to N1.896 trillion; Petroleum Profits Tax amounted to N2 trillion; Value Added Tax amounted to N2.07 trillion; Electronic Money Transfer Levy amounted to N114 billion; Earmarked Taxes amounted to N208.8 billion; among others.

“Non-oil sector contributed 69 percent of the total collection in the year, while oil sector’s contribution was 31 percent of the total collection.


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