FIRS Generates N1.17 Trillion In Three Months

The Federal Inland Revenue Service generated a total of N1.17 trillion in the first quarter of this year from the collection of various taxes, according to a document in the possession of our correspondent.

This was a significant rise over the N778.19 billion recorded in the corresponding period of 2017. According to a letter written by the Executive Chairman of the FIRS, Tunde Fowler, to the Minister of Finance, Mrs. Kemi Adeosun, the amount realised in the first quarter of 2018 is N393.39bn more than what was generated in the first three months of 2017.

In the letter entitled: ‘Brief on revenue projections performance for the period January to March 2018’, Fowler stated, “The analysis shows that we have so far collected the sum of N1,171,588,583,152.96 for January to March, 2018, which is 69.5 per cent of the total target to date.

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“This further indicates that there is an increase of N393,395,141,988.50, representing an overall increase of 51 per cent in 2018, when compared with the collection performance for the corresponding period in 2017.”

Photo Caption: Executive Chairman of the FIRS, Tunde Fowler