Categories: News

FIRS 2023 H1 Collection: A Reflection of the Power and Impact of Citizens’ Civic Obligations Compliance By Femi Onakanren

 

In the aftermath of its record breaking N10 trillion tax revenue collection in the 2022 fiscal year, the Federal Inland Revenue Service (FIRS) has continued to show that its historic performance was no fluke.

Advertisement

The recently announced 2023 half-year performance update is a clear pointer to this.

The FIRS seems to be on course to completely change the trajectory of tax collections and federal revenue diversification by its unrelenting drive to surpass itself regularly.

Advertisement

The FIRS’ 2023 Half-Year Collection Report showed that the Service achieved its target, 100%, for the first half of the year with a mid-year returns of N5.5 trn, as against the projected N5.3 trn target.

According to the report, tax revenue collected from the oil sector from January to June 2023, stood at N2.03 trillion, as against a target of N2.3 trillion; while non-oil tax collection stood at N3.76 trillion, as against a target of N2.98 trillion.

Advertisement

However, the most impressive part of the report was:

Mr. Muhammad Nami, Executive Chairman of the FIRS reported

Advertisement

” This half-year performance was achieved as a result of improved voluntary tax compliance by taxpayers, the continued improvement of automation of our tax administration processes, including the updated VAT filing processes; as well as our dogged engagement with stakeholders in both the formal and informal sectors of the economy.”.

The improved voluntary tax compliance on the part of taxpayers was a particular delight! This means the citizens are getting to understand the value and import of paying taxes. The efforts of the FIRS in educating the public are clearly yielding fruits.

Advertisement

The FIRS, as custodians of public trust, is doing its part to ensure that citizens are delivering on their obligations in the social contract with the government. Thus, the FIRS as an institution has become a reference tool for social accountability.

The improved collections mean the Federal Government has more funds at its disposal to drive the provision of social amenities, improve public infrastructure, and deploy progressive, people focused fiscal policies.

Advertisement

The march towards a better country needs the support and contributions of everyone. The fact that the FIRS is leading this impressive paradigm shift is an under-appreciated feather in the services’ ever improving cap.

Femi Onakanren is a Business Development and Socioeconomic Policy Specialist. He writes from Lagos

Advertisement
citynews

Recent Posts

BREAKING: OZA CARNIVAL SECURES TOLARAM GROUP, ZENITH BANK PARTNERSHIPS

PRESS STATEMENT The 4th edition of the annual Oza Carnival has secured more partnerships from…

4 hours ago

Dele Farotimi released from Ekiti correctional centre

Human rights advocate Dele Farotimi has been released from the Ekiti State correctional facility after…

14 hours ago

Breaking: Ibadan Stampede: Court Orders Remand Of Ooni’s Ex-Wife, School Principal

A Chief Magistrate in Ibadan, Olabisi Ogunkanmi, has ordered the remand of Prophetess Naomi Silekunola, the…

14 hours ago

Nkechi Blessing gets engaged to younger lover, Xxssive [VIDEO]

Popular Nollywood actress, Nkechi Blessing has finally got engaged to her younger lover, Xxssive. This…

16 hours ago

GOAT: Who said Messi is better than me – Cristiano Ronaldo

Al Nassr captain, Cristiano Ronaldo, has jokingly reacted to a Lionel Messi taunt as he…

16 hours ago

Regina Daniels reveals the best way to predict one’s future as she shares more photos from her vacation

Popular Nollywood actress, Regina Daniels who is still enjoying her trip to the United States,…

16 hours ago