Nigerian government raised tax revenue by 42%, here’s how much it generated in 6 months

The Nigerian government has realised the sum of N2.52 trillion from various taxes from January to June 2018.

The Nigerian government said it realised the sum of N2.52 trillion from various taxes in the country from January to June 2018.

The amount, according to the nation's revenue agency, Federal Inland Revenue Service (FIRS), represents an increase of N746 billion, representing 42% when compared to the N1.7 trillion total tax revenue realised in the corresponding period in 2017.

The amount showed that the government had realised 75% of its total target for the year, which is an improvement over what was realised in the corresponding period in 2017.

Here is the breakdown of the revenue

- Petroleum Profit Tax (PPT) - N1.6 trillion

- Company income tax (CIT) - N680 billion

- The Value Added Tax (VAT) yielded a total of N536 billion.

Tunde Fowler, FIRS Chairman, expressed optimism in generating more revenue as expected of the tax agency.

Fowler noted that the FIRS has been implementing various strategies to improve revenue generation and develop new collection-boosting initiatives.

He further said that the strategies and initiatives will yield fruit before the end of this year.

Also from Business Insider Sub-Sahara Africa:

Nigerian government raised tax revenue by 42%, here’s how much it generated in 6 months

JOIN OUR PULSE COMMUNITY!