17 December 2012

Nigeria: FIRS Remits N184 Billion Into Education Trust Fund

The Federal Inland Revenue Service (FIRS) said it remitted N183.9 billion tax revenue into the Tertiary Education Trust Fund (TetFund) from January to November.

The remittance represents two percent accrual from the Education Tax deductable from company's profits operating in Nigeria.

What was remitted in the eleven months show an increase collection of N55.9 billion when compared with the total collection of N128 billion in 2011.

The FIRS's total revenue collection for the period was N4.645 trillion, and oil tax revenue accounted for N2.978 trillion, while non-oil was N1.669 trillion.

A statement from the FIRS's Director, Communications and Liaison Department Emmanuel Obeta said the agency surpassed the N3.6 trillion provisional annual budget estimates for the year, and also that of N4.628 trillion realized at the end of 2011.

The collection represents an increase revenue collection performance of about N17, 070 billion when compared to the total collection for 2011.

It also represents an increase in the Service tax revenue collection performance of about N485.43 billion when compared with the total realisation of N4.160 trillion for the same period in 2011.

The N183.9 billion so far remitted to the TetFund represents a considerable increase in the Service tax revenue collection and remittance when viewed against the N128 billion total remittance in 2011.

A breakdown of the collection from January to November shows that N3.473 billion was realised in January, N1.751 billion in February, N2.638 billion in March, N7.817 billion in April and N2.325 billion in May.

The Service recorded the highest collection of N57.196 billion in August, N42.481 billion in September, N23.973 billion in July, N22.717 billion in October, N18.180 billion in June and the month of November accounted for the lowest figure of N1.353 billion.

FIRS which has a statutory responsibilities to assess, collect and account for revenue had since 1994 when tetFund was established remitted more than N591 billion to the Fund.

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