The Federal Government, through the Federal Inland Revenue Service (FIRS), is planning to generate N8 trillion tax revenue in 2019 after recording N5.3 trillion proceeds in 2018.
Revenue collection trend report released on Monday by Tunde Fowler, executive chairman, FIRS, shows that FG’s tax revenue increased by N1,292.60 trillion or 32.09 percent over the N4.02 trillion generated in the corresponding year of 2017.
A breakdown of the tax revenue shows that N2.47 trillion was generated from oil revenue between January and December 2018, while non-oil sector recorded N2.85 trillion tax revenue in the same period.
Fowler gave the update in Lagos at the FIRS 2019 management and stakeholders retreat themed ‘Parliamentary Support for Effective Taxation of the Digital Economy’.
“FIRS has adopted various technology initiatives as a medium to achieve innovation, convenience and transparency of its operations, thus reducing the taxpayers’ burden, and every effort is made to improve FIRS efficiency in collections and tax administrations,” Fowler said.
