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Over N4.03 trillion was collected as revenue in 2017 as the Federal Inland Revenue Service (FIRS) recorded 82.38 percent success in its projected income of N4.89 trillion for the year.
However, the revenue is N720 billion more than the 2016 total collection figure of N3.3 trillion.
Details of sectorial contributions showed that taxes from non-oil sources accounted for 63 per cent, while oil tax accounted for 38 per cent of the total collection.
Stamp Duty recorded the most increase in performance with 94 per cent during the 2017 fiscal period.
According to statement from the agency, its executive chairman, Mr. Tunde Fowler, gave the figures in Lagos at the palace of the Oba of Lagos, Rilwan Akiolu.
“With the support of the National Assembly, your support and that of other stakeholders, FIRS was able to collect over N4 trillion in 2017.
“This is an increase of over 20 per cent relative to our collection in 2016. We are hopeful that going forward, FIRS will be able to fund this country through taxation,” the statement quoted him as saying, adding that “we all recall that beginning from the second half of 2014, there has been a sustained decline in the global prices of oil.”
Fowler said oil revenue generated by FIRS in 2014 was N2.45 trillion dropping to N1.29 trillion in 2015 and again to N1.16 trillion in 2016. In 2017, oil revenue generated was N1.52 trillion.
“This trend has had adverse effect on the ability of oil dependent countries to meet their development objectives,” he said.
He said the decline in receipts from oil revenue and the resultant decline in accruals to states from the federation account has placed many states in a financial stress to the point where basic obligations such as the payment of employee wages has become a perennial challenge.
“This is not the first time Nigeria will experience economic slow-down as a result of fluctuations in global oil prices.
“This retreat, and what it hopes to achieve is part of efforts to ensure that we act differently this time around by looking beyond oil as the mainstay of our economy.
“By putting our hands together in contribution to our set goal, I am confident that we will surpass our past results and we’ll be well on our way to the future we hope to achieve,” he added.
