Nigeria Generates $32 billion From 2012 Tax

firs

VENTURES AFRICA – Nigerian tax administrator, the Federal Inland Revenue Service (FIRS) said during the weekend that it generated 5.007 trillion naira ($32 billion) for the Federal Government in the 2012 fiscal year.

According to an official statement, the 3-tiered tax body said the funds exceeded the government’s 3.635 trillion naira-tax target for the year, adding that it was the highest cumulative levy collected by the agency.

The amount had an increment of 379.4 billion naira ($2.4 billion) compared to 4.628 trillion naira collected in 2011, with the non-oil sector accounting for 1.806 trillion naira.

“The contribution of non-oil taxes increased from 1.557 trillion naira ($10 billion) or 33.65 percent in 2011 to 1.806 trillion naira ($12 billion) or 36.07 percent in 2012,” FIRS said.

“It is note-worthy in this regard, that all the non-oil components of the taxes collected by the Service maintained the rising trend seen in previous years,” the Service furthered.

Tax from the education sector accounted for 188.43 billion naira ($1.1 billion), exceeding the 2011 performance of 130.74 billion ($827 million); Value Added Tax was 710.5 billion naira ($4.52 billion) as against 659.15 billion naira ($4.2 billion) in 2011 while Income Tax returned 847.5 billion naira ($5.4 billion).

Personal income tax Pre-Operational Levy, Capital Gains Tax and Stamp Duty contributed a total of 51.59 billion naira ($320 million) while the National Information Technology Development Fund exceeded its 2011 remittance of 8.67 billion naira ($51 million) by over 500 million naira ($3.2 million).

According to Business News, Dr. Yerima Ngama, the Minister of State for Finance, said during the last Federation Accounts Allocation Committee meeting that the country was in good standing with its finances, adding that it has exceeded its revenue target for the year 2012.