FIRS Collects N5.5tn, Records ‘Highest’ Tax Revenue In Six Months

The Federal Inland Revenue Service (FIRS) has announced a total tax revenue collection of N5.5 trillion for the half-year period of January to June 2023.

This is the highest tax revenue collection ever recorded by the Service in any first six months of a fiscal year, a Thursday statement by the Special Assistant to the Executive Chairman on Media and Communication, FIRS, Johannes Oluwatobi Wojuola, said.

The Executive Chairman of the FIRS, Muhammad Nami, was said to have made the disclosure while presenting the 2023-2024 tax revenue outlook to the National Economic Council at its meeting held on Thursday at the Presidential Villa, Abuja.

The presentation, which contained FIRS’ 2023 Half-Year Collection Report, showed that the FIRS achieved over 100 percent of its target for the first half of the year when compared with a mid-year target of N5.3 trillion.

According to the report, tax revenue collected from the oil sector from January to June 2023, stood at N2.03 trillion, as against a target of N2.3 trillion; while non-oil tax collection stood at N3.76 trillion, as against a target of N2.98 trillion.