The Federal Inland Revenue Service (FIRS) has achieved a remarkable feat, announcing a record-breaking tax revenue collection of N5.5 trillion for the first half of 2023, covering the period from January to June.
The milestone was disclosed by Muhammad Nami, the Executive Chairman of FIRS, during the presentation of the 2023-2024 tax revenue outlook to the National Economic Council (NEC) at their meeting held at the Presidential Villa, Abuja.
This astounding tax revenue collection represents the highest ever recorded by FIRS in any first six months of a fiscal year.
The presentation showcased FIRS’ exceptional performance in surpassing its target, exceeding over one hundred percent of the mid-year revenue goal of N5.3 trillion.
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The detailed 2023 Half-Year Collection Report indicated that the revenue from the oil sector for the period amounted to N2.03 trillion, slightly below the target of N2.3 trillion.
However, non-oil tax collection stood at an impressive N3.76 trillion, surpassing the target of N2.98 trillion.
Highlighting the outstanding tax collection in June 2023, the Executive Chairman revealed that a total of N1.65 trillion tax revenues were gathered, marking the highest revenue collected by the Service in any single month.
Muhammad Nami attributed this commendable performance to enhanced voluntary tax compliance, driven by the automation of FIRS’ tax administrative processes.
He stated, “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.”
He further acknowledged the positive impact of current government policies on the economy and expressed optimism for even better performance in the second half of the year.
The Executive Chairman emphasized the continuous improvement in tax administration processes and productive engagements with stakeholders in both the formal and informal sectors as catalysts for the remarkable achievements.