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We generated N9.8tn in two years – FIRS

By on March 12, 2014

he Federal Inland Revenue Service told the House of Representatives on Monday that it generated N9.8tn in revenue between 2012 and 2013.

At a meeting with the House Committee on Finance in Abuja, the acting Executive Chairman, FIRS, Alhaji Kabir Mashi, broke down the figure into N5tn for 2012 and N4.8tn for 2013.

The committee, which is chaired by Dr. Abdulmumin Jibrin, is meeting with the revenue generating agencies on how to achieve the revenue projections for the 2014 budget.

The N4.6tn budget earlier passed first and second readings at both the Senate and the House before it was referred to the committee stage.

Mashi informed the committee that the N4.8tn generated last year was higher than the original target of N4.4tn.

He explained that this was in line with a pattern of exceeding the revenue target since 2011.

Mashi added, “In 2012, we collected N5.007tn as against our target of N3.6tn. In 2011, we collected N4.6tn as against our budget of N3.7tn.

“In 2014, while the target is N3.9tn, we are projecting to collect N4.1tn.”

According to him, the bulk of the N4.1tn for this year is expected from the Petroleum Profit Tax.

However, Jibrin said the committee would carefully study the figures presented by the FIRS boss and revert to the agency if the need arose.

 

 

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