FIRS remits N4.62trn to Federation Account in 11 months

The Federal Inland Revenue Service, FIRS, has said it remitted a total of N4.62tn into the Federation Account between January and November, 2018.

This is according to a document the FIRS submitted to the Ministry of Finance during the last Federation Account Allocation Committee (FAAC) meeting.

According to the document, the N4.62tn revenue was collected from three major categories of taxes; The Petroleum Profit Tax where the sum of N2.3tn was collected, Companies Income Tax which generated N1.31tn and Value Added Tax where the sum of N1tn was received.

The document further disclosed the monthly breakdown of the remittances as follows: N353.27bn was remitted in the month of January while February, March and April had N450.46bn, N319.08bn and N428.44bn respectively.

For the month of May, the sum of N384.84bn was paid into the federation account while N457.57bn, N408.93bn and N492.58bn were remitted in June, July and August in that order.

For September, the sum of N370.5bn was paid into the coffers of the government while the service also remitted the sum of N473.72bn and N485.51bn in the month of October and November respectively.

Read also: Nigerian taxpayers now 35 million- Joint Tax Board

The document read in part: “The PPT collection for the month of November 2018, was N232.53bn.

“This performance is lower than that of October 2018, of N276.05bn by N43.51bn or 15.76 per cent. It is also lower than the 2018 approved monthly target of N298.02bn, by N65.39bn.

“The reason for the decrease in the PPT collections was due to lower receipt of PPT.

“The CIT collection for November 2018, amounted to N160.89bn. When compared with the 2018 approved monthly target of N165.28bn, it shows a decrease of N4.38bn or 2.66 per cent.

“This represents a performance level of 73.94 per cent to the target. However, it was higher than the previous month’s collection of N92.5bn by N68.39bn by 73.94 per cent.

“The increase in CIT when compared with the previous month’s collection can be attributed to the receipt of NLNG (Nigeria Liquefied Natural Gas) corporate tax payment.”

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