{"id":35426,"date":"2021-01-20T20:06:27","date_gmt":"2021-01-20T20:06:27","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/?p=35426"},"modified":"2021-01-20T16:39:44","modified_gmt":"2021-01-20T16:39:44","slug":"tax-revenue-dropped-by-n367bn-in-2020-firs","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/tax-revenue-dropped-by-n367bn-in-2020-firs","title":{"rendered":"Tax revenue dropped by N367bn in 2020 \u2013 FIRS"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.net\/nigeria\">Nigeria<\/a>. <\/strong><\/span>The Federal Inland Revenue Service (FIRS) collected N4.95 trillion in total tax revenue in 2020, the agency said on Tuesday.<\/p>\n<p>However, this was N367.7 billion lower than N5.32 trillion generated in 2018.<\/p>\n<p>It also recorded N5.26trn as tax revenue in 2019.<\/p>\n<p>The FIRS Chairman, Muhammad Nami, who disclosed these in a statement issued by the agency\u2019s spokesman, Abdullahi Ismaila, in Abuja, however, said the 2020 collection was below the N5.1 trillion revenue target for the year.<\/p>\n<p>He blamed the shortfall in revenue collection to fall in oil price in the international market, #ENDSARS protest and COVID-19 pandemic.<\/p>\n<p>Other factors, according to him, were the additional tax exemptions granted to small companies in the 2019 Finance Act and insecurity in some parts of the country.<\/p>\n<p>Nami said: \u201cThe revenue for the year was remarkable when placed against the backdrop of the effects of COVID-19 on the Nigerian economy. With the N4.9trillion we were able to meet 98 percent of the revenue target in 2020.<\/p>\n<p>\u201cNon-oil tax collection was 109 percent in 2020, nine percent higher than the previous year.<\/p>\n<p>\u201cThe conscientious taxpayers in the country and dedicated members of staff of the FIRS nationwide for their support and devotion to work made this performance possible despite the numerous obstacles encountered in 2020.<\/p>\n<p>\u201cThe FIRS is optimistic that the current fiscal year will be better than in 2020.\u201d<\/p>\n<p>Opinions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. The Federal Inland Revenue Service (FIRS) collected N4.95 trillion in total tax revenue in 2020, the agency said on Tuesday. However, this was N367.7 billion lower than N5.32 trillion generated in 2018. It also recorded N5.26trn as tax revenue in 2019. The FIRS Chairman, Muhammad Nami, who disclosed these in a statement [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":35425,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,2140,1243,2567,254,2566],"class_list":["post-35426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-nigeria-2","tag-firs","tag-muhammad-nami","tag-nigeria","tag-tax-revenue"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tax revenue dropped by N367bn in 2020 \u2013 FIRS - Nigeria<\/title>\n<meta name=\"description\" content=\"The Federal Inland Revenue Service (FIRS) collected N4.95 trillion in total tax revenue in 2020, the agency said on Tues ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/tax-revenue-dropped-by-n367bn-in-2020-firs\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax revenue dropped by N367bn in 2020 \u2013 FIRS\" \/>\n<meta property=\"og:description\" content=\"The Federal Inland Revenue Service (FIRS) collected N4.95 trillion in total tax revenue in 2020, the agency said on Tues ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/tax-revenue-dropped-by-n367bn-in-2020-firs\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-20T20:06:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/01\/img-60085caf79a87.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"402\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/tax-revenue-dropped-by-n367bn-in-2020-firs#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/tax-revenue-dropped-by-n367bn-in-2020-firs\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Tax revenue dropped by N367bn in 2020 \u2013 FIRS\",\"datePublished\":\"2021-01-20T20:06:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/tax-revenue-dropped-by-n367bn-in-2020-firs\"},\"wordCount\":230,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/tax-revenue-dropped-by-n367bn-in-2020-firs#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/01\/img-60085caf79a87.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"FIRS\",\"Muhammad Nami\",\"Nigeria\",\"tax revenue\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/tax-revenue-dropped-by-n367bn-in-2020-firs#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/tax-revenue-dropped-by-n367bn-in-2020-firs\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/tax-revenue-dropped-by-n367bn-in-2020-firs\",\"name\":\"Tax revenue dropped by N367bn in 2020 \u2013 FIRS - 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