Nigeria tax agency grows revenue by 42% to N2.53trn in H1 2018


Nigeria’s Federal Inland Revenue Service (FIRS) has announced that it realized a total of N2.529 trillion in six months ending June 2018 from various taxes, representing a 42 percent increase over the N1.783 trillion realized in the corresponding period in 2017.

The revenue performance of the tax agency shows that the it has realized 75 percent of its total target for the year, which is an improvement over what was realized in 2017.

An analysis of the total amount shows that N1.169 trillion was collected as petroleum profit tax (PPT) as against N636.171 billion in the corresponding period of 2017

From company income tax (CIT), the FIRS realized a total of N680.094 billion, which was N128.151 billion more than the N551.942 billion in the previous year.

Value added tax (VAT) yielded a total of N536.526 billion in the period under review, which was N68.842 billion more than the N467.684 billion realized in 2017.

Education tax brought in N77.191 billion compared to the N58.868 billion in 2017, showing an increase of N18.322 billion

The revenue from stamp duties was N7.492 billion, which was N2.346 billion higher than what was realized in 2017.

The FIRS said it realized N1.007 billion from capital gains tax , an analysis of which shows that the amount was N64.916 million more than the N941.626 million realised in 2017.

NITDEF contributed a total of N9.249 billion to the revenue pool of the FIRS as against N8.513 billion in 2017.

Consolidated tax revenue for January to June 2018 was N49.429 billion.

The ministry of finance, in a statement, said it is optimistic that its efforts, with continuous revenue generation strategies, would yield significant outcome, particularly in increasing revenue for 2018.

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