The Federal Inland Revenue Service is set to break the all-time record in revenue, generating N5 trillion by the second week of December 2018.

Tunde Fowler, the Executive Chairman, of the tax agency, stated this in a statement on Wednesday, December 12, 2018.

Fowler, according to the statement, projected that the agency may make up to N5.3 trillion at the end of the year, beating the highest record of N5.07 trillion generated in 2012.

He said the generation of N5 trillion was significant as it was at a period when oil prices oscillated between $50 and $70 per barrel.

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A check by Business Insider Sub-Saharan Africa shows that the amount is a shortfall of the N6.74 trillion target set by the agency for the 2018 operating year.

19 million citizens now on the taxpayers’ league

This achievement is coming as more than 19 million citizens have joined the taxpayers' league. In May 2018, the former minister of finance, Kemi Adeosun disclosed that the country's taxpayers’ base rose with an additional 5 million people from 14 million in 2016 to 19 million in 2018.

More than 6,000 billionaires evade taxes

In August, the tax agency went after over 6000 billionaires in Nigeriafor evading taxes following a substitution on accounts of taxpayers using banks data.

The agency noted that most of such defaulting taxpayers, who have between N1 and N5 billion in their accounts, have no Taxpayer Identification Number, TIN, or have TIN and have not filed any tax returns.

Moody's says Nigerian economy still expose to shocks over the inability to expand fiscal revenue

On Tuesday, Moody's Investors Service ranked Nigeria near the bottom of a number of international surveys assessing institutional strength. In its report, the credit rating service said Nigerian economy will continue to expose to shocks because the government has been unable to expand its non-oil revenue base sufficiently.