FIRS says its 2022 revenue target is N10.1 trillion

The Federal Inland Revenue Service (FIRS) says its revenue projections for the year 2022 financial year is N10.1 trillion.

This was disclosed by its Chairman, Muhammad Nami while appearing before the House of Representatives Committee on Finance on Wednesday, in Abuja, during a public hearing by the committee on the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

Nami said the N10.1 trillion was the global figure projected to be generated and remitted to the Federal Government in 2022 by the FIRS, the agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government.

While commending the agency for its previous efforts at ensuring revenue generation targets are met, the House of Reps Committee Chairman, James Faleke said the FIRS needs to put in the necessary tools to make such projections possible. He also added that the Medium Term Expenditure Framework (MTEF) provided the basic estimates and assumptions for the annual budget.

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Nairametrics reported last week that the Federal Inland Revenue Service (FIRS) generated the sum of N864.72 billion as company income taxes in the first half of the year (H1 2021), representing a 57.8% achievement rate compared to the annual CIT projected revenue of N1.49 trillion.