The Federal Inland Revenue Service, FIRS said yesterday that it has generated N9.812 trillion in two years,
While N4. 805 trillion was generated last year, the sum of N5.007 trillion was generated in 2012, it said..
Acting Executive Chairman of the Federal Inland Revenue Service, Alhaji Kabir Mashi stated this at a hearing of the House of Representative committee Hearing of the Framework for the 2014 Budget and the Nigerian Economy.
Asked by the House Committee chairman on Finance, Dr. Mumin Jubrin, what FIRS generated in the last three years, and the Service’s projections for 2014, Mashi said that FIRS generation of N4.805 trillion was against the Budget/target of N4.4 trillion in 2013. “we collected N5.007 trillion in 2012 against our target of N3.6 trillion. IN 2011, we collected N4.6 trillion against our budget of NN3. 7 trillion.
“In 2014 we have a target is N3.9 trillion. We are projecting to collect N4.1 trillion.
The FIRS chairman explained the projection of N4.1 trillion is anchored on the PPT (Petroleum Profits Tax, PPT) benchmark which differs from the actual market price of crude..
Other agencies whose projections were being considered as at press time yesterday include Nigerian Customs Service and the Nigerian national Petroleum Commission, NNPC.
Going by figures on FIRS website, FIRS collection of N5.007 trillion in 2012, is the largest in the history of the FIRS. Last year’s collection of N4. 805 trillion was the second largest in the history of the commission.
