Nigerian govt realised N2.53trn from taxes in 6 months – FIRS

The Federal Inland Revenue Service (FIRS) has announced that it
realised N2.52 trillion from various taxes from January to June 2018.

The amount showed that the Service had realised 75 per cent of its
total target for the year, which is an improvement over what was
realised in the corresponding period in 2017.

A report on the revenue performance by the agency, submitted to the
Minister of Finance, Mrs. Kemi Adeosun, during the weekend confirmed
that the figure represented an increase of N746 billion, representing
42 per cent when compared to the N1.7 trillion total tax revenue
realised in the corresponding period in 2017.

A breakdown of the total amount shows that N1.6 trillion was collected
as Petroleum Profit Tax (PPT) as against N636 billion resulting in a
variance of N532 billion.

From the company income tax (CIT), the FIRS realized a total of N680
billion, which was N128 billion more than the N551 billion in the
previous year. The Value Added Tax (VAT) yielded a total of N536
billion in the period under review, which was N68.8 billion more than
the N467 billion realised in 2017.