THE Executive Chairman of the Federal Inland Revenue Service (FIRS), Mohammed Nami, says the organisation has set a revenue target of N10.1trn for 2022.
Nami made this known at a meeting with members of the House of Representatives’ Committee on Finance in Abuja.
He stated that registration of Twitter and other social media platforms in the country would boost the agency’s projected revenue by N5trn.
He said, “The total collection that we are trying to generate and remit to the appropriate accounts, including the federation account in 2022, is N10.1 trn.
“Twitter and others are already registering with us, so we expect that the impact of those registrations would be felt positively by FIRS and that is why the targets are going up.”
Speaking on the 2020 budget performance, Nami disclosed that FIRS collected a total of N4.950trn against targeted revenue of N5.076trn.
He said, “The service achieved a total revenue collection of N4.950trn against budgeted N5.076trn representing 98 percent. Out of the total collection, non-oil and oil components contributed N3.435trn and N1.515trn respectively.
“Consequently, the cost of collection (4% net of 2% Nigerian Customs Service VAT) of N130.45bn was achieved against the budget of N180.76bn to fund the three operational expenditure heads for the year.”
Reviewing the 2021 budget performance, Nami noted that the FIRS had achieved 43% of the projected revenue as of June which is the first half of the year.