Federal Government Earned N2.92 Trillion from Taxes in 2015

Statistics from the Federal Inland Revenue service have shown that the Federal Government earned a total of N2.92 trillion from taxes in the first nine months of 2015.

The amount represented a fall of N520 billion when compared with the N3.44 trillion which the Federal Government had set for the FIRS as target for the nine-month period.

A breakdown of the tax revenue earned by the service within the period showed that the sum of N756.7 billion, raised from Petroleum Profit Tax, was collected in the first quarter of 2015, compared to the quarterly revenue target of N1.02 trillion.

For the second quarter, a total sum of N1.18 trillion was collected by the FIRS made up of N306.14bn from PPT, while the balance of N881.9bn was generated from non-oil taxes.

In the third quarter, the FIRS statistics showed that the sum of N980.48bn was generated from taxes as against the quarterly target of N1.14tn. The PPT generated the sum of N325.86bn and non-oil taxes accounted for N654.6bn.