BY LAZARUS IBEABUCHI & WILLIAM JIMOH

The Federal Inland Revenue Service (FIRS) said it realised N3.4 trillion in tax revenue collection over a period of eight months, out of a target of N3.6 trillion provisional annual budget estimated for the year 2012.

In a statement by its Director, Communications and Liaison Department, Emmanuel Obeta, the total collection represents an increase in the tax revenue collection performance of N468.65 billion when compared to the total collection of N2.93 trillion for the same period in 2011.

He said oil revenue accounted for N2.202 trillion of the amount, while non-oil taxes recorded N1.187 trillion of the cumulative figures from January to August.

“The Service has less than N233.57 billion to achieve government’s provisional annual budgeted or targeted figure of N3.63 trillion, and an average monthly collection of N302.95 billion set for the FIRS in the current fiscal year 2012.

“The Service at this rate is very much poised to achieve its own internal provisional annual budget or target of N5.084 trillion which translates to a provisional monthly average collection of N423.72 billion, for which it had so far recorded a remarkable step towards its achievement.

“This stride demonstrates the Service’s resolve, not only to achieve the N5.085 trillion set internal target for the year, but to also increase the non- oil taxes as evidenced in the collection so far,” he said.

Obeta stressed that the Acting Executive Chairman of FIRS, Alhaji Kabir Mashi, had on assumption of office, early April, charged both management and staff of the Service to up the ante and ensure that the progressive history of tax revenue collection by FIRS over the years does not drop.

He said a look at the collection from the oil sources shows that N2.2 trillion was realised from both Petroleum Profits Tax (PPT) and Gas Income (GI).

“Similarly, non-oil sources yielded N568.85 billion collection from Companies Income Tax (CIT), Capital Gains Tax (CGT), Withholding and Stamp Duties within the period.

“The Nigeria Customs Service (NCS) Import and Non-Import Value Added Tax (VAT) recorded N469.18 billion, Education Tax (EDT) accounted for N116.39, while National Information Technology Development Fund (NITDEF) yielded N8.81billion.