The Federal Inland Revenue Service (FIRS) announced a total tax revenue collection of N5.5 trillion in the year’s first half.
Mr Muhammad Nami, Executive Chairman of the FIRS, disclosed this revenue figure.
He made this known while presenting the 2023-2024 tax revenue outlook to the National Economic Council at its meeting at the Presidential Villa, Abuja, this afternoon.
Mr Johannes Wojuola, the Chairman’s Special Assistant (Media & Communication), quoted Mr Nami as describing the collection as “the highest tax revenue recorded by the Service in any first six months of a fiscal year.”
The 2023 Half-Year Collection Report showed that the FIRS achieved over one hundred per cent of its target for the first half of the year compared to a mid-year target of N5.3 trillion.
Based on the report, tax revenue collected from the oil sector from January to June 2023 stood at N2.03 trillion, against a target of N2.3 trillion.
On the other hand, non-oil tax collection stood at N3.76 trillion, as against a target of N2.98 trillion.
Speaking of what he described as “a good head start, despite stubborn headwinds,” Mr Muhammad Nami attributed the performance to improved voluntary tax compliance enabled by the automation of FIRS’ tax administrative processes.
“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,” he said.
