FIRS Generates Over N2tn In Seven Months
The Federal Inland Revenue Service, through tax collections, generated the sum of N2.11 trillion as revenue from January to July, 2017.
This is contained in a progress report of the FIRS from Jan. to July 2017 obtained by the News Agency of Nigeria on Monday, showing their revenue performance and impact of the new tax regime.
The aggregate revenue projected in the 2017 budget is N4.94 trillion, out of which oil revenue will contribute N1.98 trillion.
This is based on an estimated crude oil production of 2.2 mbpd converted at an exchange rate of N305 to a dollar.
Non-oil revenue for the year is projected at N1.37 trillion, which represents about 28 per cent of the budgeted revenue. Independent revenues, various recoveries and mining will account for the balance of about N1.58 trillion.
