FIRS collects ₦5.5trn in 6 months

<p>Commenting on the outlook for the remaining half of the year, the FIRS boss assured that the country should expect better days ahead in terms of tax revenue collection.</p>, <span>FIRS Chairman, Mr Muhammad Nami. Twitter/@MMNami_</span>, <h2>The Federal Inland Revenue Service (FIRS) has announced a tax revenue collection of ₦5.5 trillion for the half-year period of January to June 2023.</h2>, <p>This is contained in a statement issued in Abuja on Thursday by Johannes Wojuola, Special Assistant on Media and Communication to the Executive Chairman of FIRS, Muhammad Nami.</p>, <p>The News Agency of Nigeria (NAN) reports that it is the highest tax revenue collection recorded by FIRS in any first six months of a fiscal year.</p>, <p>Wojuola quoted Nami as saying this while presenting the 2023-2024 tax revenue outlook to the National Economic Council’s meeting at the Presidential Villa, Abuja.</p>, <p>According to him, the FIRS 2023 Half-Year Collection Report showed that the Service achieved over 100 per cent of its target for the first-half of the year when compared with a mid-year target of ₦5.3 trillion.</p>, <p>“Tax revenue collected from the oil sector from January to June 2023 stood at ₦2.03 trillion as against a target of ₦2.3 trillion, while non-oil tax collection stood at ₦3.76 trillion as against a target of ₦2.98 trillion,’’ Nami said.</p>, <p>The FIRS boss further said that the Service collected ₦1.65 trillion tax revenue in June 2023.</p>, <p>“This sum is the highest tax revenue collected by the Service in any single month,’’ he said.</p>, <p>Nami attributed the performance to improved voluntary tax compliance enabled by the automation of FIRS tax administrative processes.</p>, <p>“This is a good head start as we work toward meeting our target for the year.</p>, <p>“It was achieved in spite of stubborn headwinds such as the impact of the currency redesign and 2023 general elections on the economy in the first and second quarters of 2023.</p>, <p>“This half-year performance was achieved as a result of i