Figures reeled out Sunday by the Federal Inland Revenue Service (FIRS) show that the country’s tax revenue base last year exceeded the spending plan of the Federal Government.
While the Federal Government last year appropriated the sum of N4.877 trillion for spending last year, the FIRS in a statement by its Director of Communications and Liaison, Mr. Emmanuel Obeta, said the agency raised for the first time the sum of N5.007 trillion revenue last year.
This figure is equally higher than the Federal Government’s 2013 N4.98 trillion spending plan, which is awaiting presidential assent.
Also, there is the cheering news of the increasing performance of the non-oil taxes collection, which has grown to a new record height of N1.806 trillion, representing 36.07 per cent of the entire tax revenue up from the year 2011 volume of N1.557 trillion or 33.65 per cent performance of that year.
The oil taxes revenue on the other hand contributed N3.201 trillion, representing 63.93 per cent of the entire collections. This equally is up from the year 2011 figures of N3.070 trillion.
Obeta added: "These sums are significantly over the budget or target set for the agency by the Federal Government of N3.635 trillion for all its taxes. Compared with 2011, the all-taxes figure grew by N379.4 billion or 8.20 per cent on. FIRS collected N4.628 trillion in 2011. The contribution of non-oil taxes increased from N1.557 trillion or 33.65 in 2011 to N1.806 trillion or 36.07 per cent in 2012.
"Compared with the N715.4 billion seen in 2011, Companies Income Tax (CIT) returned N847.5 billion in 2012. Value Added Tax (VAT) was N710.5 billion against N659.15 billion in 2011, while Education Tax (EDT) recorded N188.43 billion against the N130.74 billion in 2011. National Information Technology Development Fund (NITDF) accounted for N9.13 billion against the N8.67 billion it returned in 2011. The sum of N51.59 billion was realised from Personal Income Tax (PIT), Pre-Operational Levy (POL), Capital Gains Tax (CGT) and Stamp Duty (SD), all pooled together in the Federal Government’s Consolidated Revenue Fund account."