The Federal Inland Revenue Service (FIRS) says it has met the 98 percent of the national tax target of N5.076 trillion set for it by the Federal Government for 2020.
The service explained that it achieved a near 100 percent revenue having netted N4,952,243,711,728.37 in total tax revenue.
A statement by Malam Abdullahi Ismaila Ahmad on Tuesday in Abuja, quoted the FIRS chairman, Mr. Muhammad Nami as saying that “this near 100% collection feat was all the more remarkable when placed against the backdrop of the debilitating effects of COVID-19 on the Nigerian economy; the all-time low price of crude oil in the international market; business disruptions and lootings during the #EndSars protests; generous tax waivers granted by the FIRS to ease the impact of the COVID-19 shutdown; additional tax exemptions granted to small companies in the 2019 Finance Act; and insecurity in some parts of the country.”
The FIRS boss further noted that the FIRS recorded this feat at a time when the price of oil hit an all-time low. In other words, oil which used to contribute over 50% in tax returns through the Petroleum Profits Tax in previous years, accounted for only 30.6% contribution to the tax revenue generated in 2020.
He also added that the non-oil tax collection was 109% in 2020, which is 9% higher than the previous year.
