FIRS targets N10.104 tr revenue in 2022
*Achieved 47% of 2021 collection in six months
Tunde Opalana, Abuja
The Federal Inland Revenue Service (FIRS) has projected a revenue collection of N10,104,154,060,640.10 in the 2022 fiscal year.
The projected collection was presented in the 2022-2024 Medium Term Expenditure Framework (MTEF) of FIRS to the Senate Committee on Finance at a 3 days MTEF/ FSP hearing of the committee at the National Assembly.
This is as the Service as at June 30,2021 (half year) achieved N2.762 trillion, representing 43% of approved projected revenue collection for the current fiscal year.
Making the presentation, Executive Chairman, FIRS, Muhammad Nami, said the Service projected to earn into the Consolidated Revenue Fund (CRF) N12,641,572,433,594.80 in 2023 and N12,598,830,939,876.20 in 2024.
According to the Chairman, Petroleum Profit Tax of N4,403,647,423,695.18 remain the largest revenue source for 2022.
Other projected source of income are; Company Income Tax (N1,951,147,946,495.64), Non- Import VAT (N1,831,346,285,274.90), Gas Income (N618,882,004,318.72), Import VAT from Nigerian Custom Service (N610,448,761,758.30) and Education Tax (N305,998,000,000.00).
The Service also projected to earn N19,835,213,288.18 from Capital Gains Tax, N16,800,356,049.21 from Stamp Duty and N210,819,468,760.00 from Electronic Money Transfer Levy.
Nami said the 2022-2024 MTEF for FIRS was prepared in.line with the guidelines obtained from the Budget Office of the Federation.
Talking about assumptions and strategies to achieve the projected revenue, the chairman said, the projections for the three fiscal years were based on the assumption that; crude oil production to average 1.9 million barrel per day for 2022, 2.2 million barrel per day for 2023 and 2.22 million barrel per day for 2024 while crude oil price is projected to average $56 per barrel for the three years period.
Others are; average exchange rate is projected at N410/ Dollar for the three years period while Tax rate to remain the same for the period.
