FIRS Rakes N338.1bn Tax Revenue, Misses January Target On Covid-19 Rampage
AMINA HUSSAINI, Abuja
Impact of the ravaging Coronavirus pandemic on government revenue in January has manifested, in Federal Inland Revenue Service( FIRS ) operations, limiting tax collection to N338.1 billion far below the target of N620.2 billion for the month.
The figure was a combined collections by states’ coordinating units on monthly basis.FIRS was given tax collection target of N8.5 trillion in 2020 fiscal year under the watch of the Executive chairman(FIRS) Muhammad Nami.
The deadly virus has affected the global economy leaving behind in its spread, stocks tumbling, markets crumbling and lock down of several countries that have forced Central Banks across the world to scramble to save their respective countries’ economy.
The pandemic broke in the Wuhan city of China and has till date recorded several cases with over 10,000 deaths.
According to the collection performance of the state coordinating units, Adamawa, Gombe and Taraba had January target of N1,496,937,795.22 but collected N2,237,217,349.37 representing 149.45 percent collection.
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 representing 92.43 percent. Lagos Mainland East had January target of N50,272,057,644.57 but its actual collection of N39,177,218,569.19 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 percent collection.
Lagos Mainland West was given a January target of N4,988,901,182.24 but collected N3,033,847,030.11 representing 60.81. Abia, Ebonyi and Enugu had a target of N2,503,697,840.31 but they were able to collect N1,356,428,894.51 representing 54.18 percent.
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 percent. 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 percent. 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 percent.
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 percent. 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 percent.
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 percent while Anambra and Imo had target sum of N1,457,022,041.29, actual collection sum of N384, 986,673.78 reflecting 26.42 percent.
Following the outbreak of the Coronavirus pandemic, the N8.5trillion tax revenue target given to the FIRS appears to be at risk of not being met due to the slump in crude oil price.
In addition, businesses are shutting down while manufacturing production lines have been weakened and still counting their losses.
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