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Tuesday 21 September 2021
HomeNewsNigerian govt. rakes in 5t naira from taxes in 2012

Nigerian govt. rakes in 5t naira from taxes in 2012

Nigeria’s Federal Inland Revenue Service (FIRS) said it generated 5.007 trillion naira from taxes in the 2012 fiscal year, representing an increase of 379.4 billion naira or 8.20 per cent over the 4.628 trillion naira collected in 2011 (US$1=156 Naira).

The local media Monday quoted FIRS to have said, in a statement, that the amount is the highest cumulative tax collected in the history of the agency.

It said the revenue is also 1.365 trillion naira or 37.05 per cent higher than the government’s target of 3.635 trillion naira contained in the 2012 budget.

Taxes from non-oil sector was put at 1.806 trillion naira, representing 36.07 per cent of all taxes collected within the period under review.

“The contribution of non-oil taxes increased from 1.557 trillion naira or 33.65 per cent in 2011 to 1.806 trillion naira or 36.07 per cent in 2012. The 5.007 trillion naira is the highest cumulative tax collected in the history of the FIRS.

“This performance reflects the Service’s unwavering commitment to its vision of making taxation the pivot of national development. It is note-worthy in this regard, that all the non-oil components of the taxes collected by the Service maintained the rising trend seen in previous years,” it said.

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