Nigeria Nets N2.43t In Taxes

Nigeria Nets N2.43t In Taxes

The Federal Inland Revenue Service (FIRS) on Monday recorded N2.43 trillion revenue through taxes in the first half of 2012.

A statement issued by the spokesman of the service, Mr Emmanuel Obeta, said non-oil revenue accounted for N838.58 billion while receipts from oil taxes amounted to N1.60 trillion.

It said the amount was an increase of N499.20 billion compared to N1.94 trillion recorded the same period in 2011.

The statement reads: “in 2011, the service recorded N955.19 billion in the first quarter and N985.30 billion in the second quarter.

“The 2012 figure represents a remarkable increase in tax collection, which includes Oil and Non-oil revenue with both recording N1.17 trillion and N1.26 trillion in the first and second quarters respectively,” it added.

The statement said that the service was on track to achieve the N5.085 trillion set target for the year, in addition to increasing the non-oil taxes and reducing the country’s over dependence on oil.

Related news

Naira stays low at N485 as Buhari swears in 6 INEC commissioners

Naira stays low at N485 as Buhari swears in 6 INEC commissioners

Naira stays low at N485 as Buhari swears in 6 INEC commissioners