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Nigeria generates N8.5 trl revenue in nine months, crosses 10% tax-to-GDP ratio ~Nami

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By Temi Olowu

The outgoing Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, has disclosed that the agency revenue collection total N8.5 trillion by mid-September, with the country heading toward a revenue-to-GDP ratio exceeding 10 percent.

Nami, who spoke while transferring the mantle of leadership to his successor, Zacch Adedeji, stated that the agency was able to recover N4 trillion from the state-owned oil firm, the Nigerian National Petroleum Company Limited (NNPC).

He said that the agency was on its way to setting a new revenue record in 2023, having collected N8.5 as of September 14.

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He added that within the period under review, his administration assessed and recovered another N4 trillion from the NNPC.

Nami said the FIRS had surpassed its 10-percent tax-to-GDP target under his watch in four years, having achieved 10.86 percent in two years.

He said the 18 percent target in four years set by the current administration was not only achievable but could be surpassed.

In 2022, the FIRS set a revenue target of N10 trillion and collected N10.1 trillion within the period. Similarly, in 2023, it set a target of N12 trillion in revenue and has collected N8.5 trillion, with about four months until the end of the year.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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