The amount is a significant increase of N7.57 trillion or 105 per cent from N7.20 trillion collected in 2023. Oil taxes, on the other hand, were N5.44 trillion or 27 per cent of the total taxes collected for the period. This represents N1.4 trillion increase or 35 per cent above the N4.02 trillion collected in 2023.

The report said FIRS collected total tax revenue of N20.211 trillion in the period, surpassing the 2023 collection by N8.97 trillion or 80 per cent.
The N20.211 trillion collected in 11 months also surpassed the 2024 target of N19.4 trillion and N17.8 trillion set targets for January to November 2024.

The FIRS collection between January and November 2024 surpassed the N19.4 trillion targets for the year by N81 billion or 104 per cent and exceeded the target for 11 months by 114 per cent.

The 2024 collection represents N8.97 trillion or an 80 per cent increase over the 2023 annual revenue collection. Pressed by dwindling revenue amid rising debt, the Federal Government set a target of N19.4 trillion for FIRS. This significantly increases tax revenue to finance the 2024 budget.

This ambitious target represents a nearly 60 per cent jump from the N12.3 trillion collected in 2023 and forms part of a broader strategy to raise overall government revenue.

The 2023 target was N11.558 trillion but N12.32 trillion was recorded made up of N3.17 trillion oil revenue or 25.6 per cent of the total and N9.2 trillion non-oil (representing 74.4 per cent of the total).

The federal government achieved the N20.211 trillion mark through a two-pronged approach.
First was a direct collection of its revenue share from January 2, utilising advanced technology and improved methodologies from government-owned enterprises (GOEs).

The second was significantly increasing revenue from GOEs to 50 per cent of their earnings, leaving only 50 per cent for their operations. Although no target has yet been set for the FIRS for 2025, it is expected that it will be above N25 trillion.

[Guardian]