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N490 billion tax revenue generated by FIRS in July, 89% was from non-oil secto

N490 billion tax revenue generated by FIRS in July, 89% was from non-oil sector

The Federal Inland Revenue Service (FIRS) has said that in the month of july it generated a sum N490 billion in tax receipt.

The revenue agency while saying this in a statement on Thursday September 27, 2020, disclosed that N438billion out of the N490 billion was generated from non-oil receipts, which represent 89% of the total figure, while N52 billion which is 11% of the total amount is from oil receipts.

The significant drop in oil revenue FIRS stated that it could be caused by the coronavirus pandemic which has led to crash in crude oil price and massive cuts in the output of oil producing companies.

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The increase in the non-oil receipt, the statement also said the Executive Chairman of FIRS, Muhammad Nami, attributed it to the different reforms measure that have been introduced by the board management of the service, and the dedication of the staff. He then said that their collective efforts as stakeholders was gratifying to note.

The FIRS Chairman also revealed that a significant increase in tax revenue from non-oil sources was continually recorded by FIRS, in spite of economic crisis caused by COVID’19. He stated that in recent months non-oil tax receipts had contributed consistently 75-90% of the total tax receipt.

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