The Federal Inland Revenue ServiceÂ (FIRS) has disclosed that it generateda total sum of N 808 billon within the first six month this year. The Chairman of the agency, Mrs Ifueko Omoigu-Okauru told the Economic Confidential, an online economic intelligence publication that â€œso far this year we overshot our targets in the month of May and June, though there are still shortfalls from the Jan-March period, we are on the upswing and we will not rest on our oars.â€
She said that the bulk of the agency monthly collections came from Petroleum Profit Tax, Companies Income Tax, Education Tax, Value Added Tax, Personal Income Tax and Technology Level.
Mrs Omoigu-Okauru said â€œour 2008 Budget was N 2.27 trillion but we generated N 2.97 trillion. In the last six month, January to June 2009, we have so far generated N 808.4 billion. In January 2009 we generated N 138.7 billion, February N 111 billion, March N 103.7 billion, April N 115.7 billion, May N 163.6 billion and June N 175.7 billion. We still consider the N 808 billion as a shortfall from our target.â€
She also disclosed that FIRS target for 2009 is to ensure adequate funding for government activities that could be unduly affected by the reduction in oil revenues arising from a drop in oil prices.According to her the target demonstrated