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HomeTop NewsNigeria Generated 35.5 Trn Naira Tax Income In Eight Years — FIRS

Nigeria Generated 35.5 Trn Naira Tax Income In Eight Years — FIRS

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Nigeria earned a total of 35.56 trillion naira in tax income within a period covering eight-year between 2011 and 2018, data from the Federal Inland Revenue Service (FIRS) has shown.

The bulk of the income was generated from two major tax revenue items, according to the data obtained by the Punch Newspaper.
They are oil tax which is generated through the Petroleum Profit Tax and non-oil tax which is generated from seven tax revenue components.
They are Company Income Tax, Gas Income, Capital Gains Tax, Stamp Duty, Value Added Tax, Education Tax and Nigeria Information Technology Development Fund.
An analysis of the 35.56 trillion naira tax collection showed that about 17.97 trillion naira was generated in the period under review from Petroleum Profit Tax. This represents about 50.53 percent of the entire revenue generated during the eight-year period.
From non-oil tax, the country generated about 17.59 trillion naira which was about 49.47 percent of the tax revenue for the period under review.
Further analysis of the non-oil tax revenue showed that a huge chunk of the collection was made through Companies Income Tax.
Revenue from this tax component during the period was estimated at N8.75tn representing about 49.74percent of the non-oil revenue tax collections.
This was followed by VAT revenue collection with N6.68tn. The revenue from VAT accounted for 37.98 percent of the N17.59 non-oil revenue.
From education tax, N1.58tn was collected, accounting for about 8.98 percent of the total non-oil revenue.
Other collections were gas income N256.5bn which accounted for about 3.15 percent of non-oil tax revenue, Capital Gains Tax N174.5bn, Stamp Duty N78.18bn and National Information Technology Development Fund N74.51bn.
Further analysis of the tax revenue for the eight-year period showed that the sum of N4.63tn was earned in 2011 while 2012, 2013, and 2014 fiscal periods recorded tax revenue of N5.01tn, N4.81tn and N4.71tn respectively.

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