In a statement via its Twitter handle @firsNigeria on Thursday, the Federal Inland Revenue Service (FIRS) stated that 89% of FIRS July tax receipts came from Non-Oil sources.
The agency went further to say that with the Oil revenue sources still in shock, its effort on Non-Oil sources has increased, and that it was gratifying to note that these collective efforts were paying off.
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“Non-oil tax receipts has consistently contributed 75-90 percent of the total tax revenue in recent months. Out of N490 billion collected by the service in July, N52 billion representing 11% came from Oil sources while N438 billion, representing 89% came from Non-oil receipts” – FIRS.
Historical perspective
A review of Planning, Research and Statistics Department summary for total tax revenue collection (Oil and Non-oil) for 1st Quarter 2020 report shows that;
- Non-oil taxes contributed N654.355 billion out of the N1.190 trillion collected in Q1 2020. This represented 54.974% of the total tax receipts.
- Petroleum Profits Tax (PPT) contributed N535.932 billion out of the N1.190 trillion collected in Q1 2020. This represented 45.025% of the total tax receipts.
A breakdown of the taxes and the percentage achievements as it relates to the 2020 Government Quarterly Target is shown in the table below.
A review of Planning, Research and Statistics Department summary for total tax revenue collection (Oil and Non-oil) for 2nd Quarter 2020 report shows that;
- Non-oil taxes contributed N848.060 billion out of the N1.288 trillion collected in Q2 2020. This represented 65.82% of the total tax receipts.
- Petroleum Profits Tax (PPT) contributed N440.301 billion out of the N1.190 trillion collected in Q2 2020. This represented 34.17% of the total tax receipts.
A breakdown of the taxes and the percentage achievements as it relates to the 2020 Government Quarterly Target is shown in the table below.
Written by;
Nnamdi M.
