Federal Inland Revenue Service (FIRS) has broken Nigeria’s all-time revenue generation record, after generating N5.3 trillion in 2018.
In Nigeria, FIRS highest revenue generation was previously recorded in 2012, when the agency generated N5.07 trillion.
Tunde Fowler, FIRS chairman, who announced the 2018 record said the cost of collection as a percentage of actual taxes collected has been reducing, as the government is generating more at a time when oil prices are low.
“While we have been steadily increasing revenue collection over the years, our cost of collection has actually been going down,” Fowler said.
“In 2016 we collected N3,307 trillion, in 2017 we collected N4,027 trillion and in 2018 we collected N5,320 trillion. Meanwhile, the cost of collection as a percentage of actual taxes collected has been reducing; in 2016 it was 2.6%, in 2017 it was 2.49% while in 2018 it was 2.14%.”
“The Service has been making tremendous efforts in also increasing the amount of non-oil revenue it collects. Non-oil collection has contributed 64.99% in 2016, in 2017 it contributed 62.25% and in 2018 it contributed 53.62%.
“This represents the government’s focus on increasing non-oil sources of revenue and the diversification of the Nigerian economy.”