FIRS Chairman Tunde Fowler
FIRS Chairman Tunde Fowler

The Federal Inland Revenue Service (FIRS) paid N4.62tn into the federation account between January and November 2018.

This was revealed in a document by the Federal Ministry of Finance during the Federation Account Allocation Committee meeting recently.

Advertise With Us

According to the document, the FIRS made the revenue from Petroleum Profit Tax where the sum of N2.3tn was collected, Companies Income Tax which earned it N1.31tn and Value Added Tax valued at N1tn.

“The PPT collection for the month of November 2018, was N232.53bn,” the document read.

“This performance is lower than that of October 2018, of N276.05bn by N43.51bn or 15.76 per cent.

“It is also lower than the 2018 approved monthly target of N298.02bn, by N65.39bn.

“The reason for the decrease in the PPT collections was due to lower receipt of PPT.

“The CIT collection for November 2018, amounted to N160.89bn. When compared with the 2018 approved monthly target of N165.28bn, it shows a decrease of N4.38bn or 2.66 per cent.

“This represents a performance level of 73.94 per cent to the target. However, it was higher than the previous month’s collection of N92.5bn by N68.39bn by 73.94 per cent.

“The increase in CIT when compared with the previous month’s collection can be attributed to the receipt of NLNG (Nigeria Liquefied Natural Gas) corporate tax payment.”