29 October 2012

Nigeria: FIRS Generates N3.81 Trillion in Nine Months

The Federal Inland Revenue Service (FIRS) says it generated N3.81 trillion as revenue in nine months.

The FIRS made the claim yesterday in Abuja via a statement signed by Mr Emmanuel Obeta, its Director of Communications.

"With this amount, the FIRS has surpassed the N3.6 trillion provisional annual budget estimate nine months into the year, with oil taxes recording N2.399 trillion and N1.406 trillion for non-oil.

"The collection represents increased revenue collection performance of about N890 billion, when compared to the total collection of N2.91 trillion for the same period in 2011."

The statement said that the FIRS had so far collected and remitted the sum of N23.30 billion tax revenue due to the Federal Capital Territory Administration (FCTA) for the first nine months of 2012.

It said that the amount represented "Pay-As-You-Earn" (PAYEE) tax and Personal Income Tax (PIT) collected from FCT residents.

This, it added, reflected an increase in tax collection in the period, when compared to the N21. 94 billion remitted to FCTA for the same period in 2011.

"In 2011, the service recorded N955.19 billion tax collection in the first quarter, N985.30 billion in the second quarter and N974.65 billion in the third quarter," the statement said.

The statement added that the 2012 figure represented a remarkable increase in tax collection, which comprised N1.172 trillion in first quarter, N1.267 trillion in the second quarter and N1.366 trillion in the third quarter respectively.

It also said that the N23.30 billion so far remitted to the FCTA represented a considerable increase in FIRS' collection and remittance, when compared to the N23.24 billion figure in 2010.

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