Economy

FIRS targets N620bn in January, gets only N338.1bn revenue

FIRS collects N1.123trn revenue in first quarter
Written by Maritime First

…As Lagos delivers  N280,919,723,642; when Adamawa, Gombe, Taraba collect N2,237,217,349.37*** 

The bleak financial situation in the country has got statistical backing as the Federal Inland Revenue Service  (FIRS) only collected N338.1 billion revenue for January 2020, despite an enthusiastic monthly tax target of N620.2 billion.

A FIRS document obtained in Abuja on Sunday, shows the figure, showing what represents the aggregate collection by states’ coordinating units on monthly basis.

Recalls that the new Executive Chairman of FIRS, Mr Muhammad Nami, was given a tax collection target of N8.5 trillion for 2020 fiscal year.

The document indicated that the state coordinating units of Adamawa, Gombe and Taraba had January target of N1,496,937,795.22 but collected N2,237,217,349.37 represented 149.45 per cent collection.

It disclosed that Akwa Ibom, Bayelsa and Cross River had a monthly target of N2,175,116,159.19 but their actual collection in January was  N2,010,374,940.81 which represented 92.43 per cent.

Lagos Mainland East had January target of N50,272,057,644.57 but its actual collection of N39,177,218,569.19 which amounted to 77.93 percent.

Jigawa, Kano and Katsina had collection target of N5,203,823,553.44. Their actual collection was N3,606,224,711.59 representing 77.93 percent.  Ogun, Osun and Oyo had target of N6,268,435,732.91 while their actual collection during the period stood at N4,167,880,594.20, indicating 66.49 per cent collection.

According to the document, Lagos Mainland West was given a January target of  N4,988,901,182.24 but collected N3,033,847,030.11 representing  60.81 per cent.

It added that Abia, Ebonyi and Enugu had a target of N2,503,697,840.31 but they were able to collect N1,356,428,894.51, which represented 54.18 per cent.

“Benue,  Kaduna and Niger had tax collection target of N3,848,560,125.77, they made actual collection of N2,003,203,450.93 indicating 52.05 per cent. Delta,  Edo and Rivers collectively  had January target of N17,790,368,169.50 but recorded actual collection of N9,251,413, 039.13 indicating 52 percent.

“Lagos Island was given a target of N459,548,646,637.50 in January, but it collected the sum of N238,708,658,042.72 translating to 51.94 per cent. Bauchi, Plateau, Borno and Yobe had a collection target of N2,793,435,123,22, but their actual collection was N1,446,670,932.56 indicating 51.79 per cent.

“The FCT, Nasarawa and Kogi had the target sum of N61,680,175,079.81, but collected a total of N30,248,678,333.46 representing 49.04 per cent.  Ekiti, Kwara and Ondo had tax collection target of N1,726,864,502.79, but ended up with actual collection of N757,471,765.95 representing 43.86 per cent.

“Sokoto, Kebbi and Zamfara were mandated to collect N1,457,022,041.29 tax, their actual collection was N532,837,594.78 indicating 36.57 per cent while Anambra and Imo had target sum of N1,457,022,041.29, actual collection sum of N384, 986,673.78 reflecting 26.42 per cent” it explained.

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Maritime First