Federal Inland Revenue Service

Nigeria’s Federal Inland Revenue Service, FIRS, announced Thursday it generated a total of N4.69 trillion from taxes for the Federal Government in 2014.

The budget of the country for 2014, as signed by President Goodluck Jonathan, was N4.962 trillion.

The FIRS said in its Quarterly Revenue Report issued in Abuja that the figure surpassed its target for the year by about N400 billion.

The report showed that the 2014 revenue was about N106 billion less than that of 2013 which stood at N4.80 trillion.

According to the report, the revenue is derived from petroleum profit and non-oil taxes, including income tax, gas income, capital gain tax, stamp duty and Value Added Tax (VAT).

The report also indicated that N2.45 trillion, representing 52.96 per cent, was collected from petroleum profit tax while N2.24 trillion, representing 47.04 per cent, was collected from non-oil taxes during the period.

A breakdown of the total collection showed that company income tax contributed N1.18 trillion; N10.83 billion from gas income; N2.59 billion from capital gain tax and N10.94 billion from stamp duty.

The VAT, comprising Nigeria Customs Service Import VAT and Non-Import VAT, according to the period, contributed N802.95 billion of the total non-oil taxes collection during the period.

The report also said that other non-oil taxes collected were Education Tax, N189.61 billion; N53.28 billion from Consolidated Account and N9.91 billion from National Information Technology Development Fund (NITDEF) levy.

The report further showed that N1.05 trillion was collected in the first quarter while N1.45 trillion was collected in the second quarter.

It also indicated that N1.19 trillion was collected in the third quarter and N1 trillion was collected in the fourth quarter.