FIRS targets N10T in 2022

By Femi Ogunshola/Abuja

The Federal Inland Revenue Service (FIRS) has projected generating N10.1 trillion revenue for the 2022 financial year, according to its chairman, Muhammad Nami.

Nami stated this when he appeared before the House of Representatives Committee on Finance on Wednesday, in Abuja, at a public hearing by the committee on the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

He said that the N10.1 trillion was the global figure projected to be generated and remitted to the Federal Government in 2022 by the FIRS, the agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government.

Rep James Faleke, the chairman of the committee, urged the FIRS management to put in the required determination, to ensure that the target was met.

He also commended the previous effort of the FIRS at ensuring that their revenue generation targets were met, while urging the service to strive to do more in its revenue generation mandate.

The lawmaker had earlier described the MTEF and FSP, with a three year plan, as a major feature of the annual budget preparation cycle, saying that it provided the basic estimates and assumptions for the annual budget.

In 2020, FIRS collected N4.9T, representing 98 percent of the projected N5T.

FIRS has projected N5.9T for this year. In the first half of 2021, it collected N2.762 trillion representing 43% of approved projected revenue collection.

The non-oil revenue collection during the period was N2.118 trillion against N1.5 trillion collected in the correspondIng period in 2020.

In June, it collected a record N650B in a month, its highest till date.