The Federal Inland Revenue Service of Nigeria reports the highest-ever tax collection

From January through June 2023, Nigeria's Federal Inland Revenue Service (FIRS) announced a total tax revenue collection of N5.5 trillion.According to a statement issued on Thursday by the Special Assistant to the Executive Chairman on Media and Communication, FIRS, Johannes Oluwatobi Wojuola, this is the Service's greatest tax revenue collection in the first six months of a fiscal year. The declaration was allegedly made by the FIRS Executive Chairman, Muhammad Nami, when presenting the National Economic Council's 2023-2024 tax income estimate on Thursday at the Presidential Villa in Abuja.The presentation, which included the FIRS' 2023 Half-Year Collection Report, revealed that the FIRS exceeded its aim for the first half of the year by more than 100 percent, compared to a mid-year target of N5.3 trillion The study states that, from January to June 2023, tax income from the oil industry was collected at N2.03 trillion, falling short of the aim of N2.3 trillion, while tax revenue from non-oil sources was collected at N3.76 trillion, exceeding the target of N2.98 trillion. In his presentation, Mr. Nami also mentioned that in June 2023, the Service received a total of N1.65 trillion in tax revenues. This amount is the Service's biggest monthly tax income collection to date. “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”, Mr. Nami stated.