FIRS, Customs collect N12.7trn revenue in 2022

The Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS) saw a significant rise in their revenue collection, reaching N12.7 trillion in 2022.

This represents a 46.8% increase from the N8.7 trillion the two agencies collected in the previous year.

The figure was captured in a recent revenue data released by the National Bureau of Statistics (NBS).

The aforementioned agencies help the federal government in the collection of revenue from different sources, including Value Added Tax (VAT), and Company Income Tax (CIT),

READ ALSO:Customs intercepts containers of vegetable oil worth N112.6m in Rivers

A breakdown showed that the FIRS collected N10.1 trillion in revenue in 2022 while it received N200.16 billion, representing two percent of the total generation as the cost of collection.

The Nigerian Customs Service (NCS), which followed with N2.60 trillion in revenue generation, withdrew N128.64 billion (5%) as the cost of collection.

This represents a 17.4 percent rise compared to N83.51 billion received by the agency as a collection in 2021.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now