The Federal Inland Revenue Service (FIRS) generated N778.19 billion revenue in the first quarter of 2017, a progress report by the agency has indicated’ The report which was sent to the Federal Ministry of Finance, showed the revenue performance for the first quarter of 2017 and the breakdown of money collected.
According to the report, the FIRS collected N338.3 billion as Petroleum Profit Tax between January and March, as against the N176.7 billion collected in the review period in 2016. Also, Value Added Tax (VAT) collection increased from N198.7 billion in the first quarter of 2016, as against the N221.37 billion realised in the first quarter of 2017.
The report showed that the biggest improvement in 2017 was from Education Tax, which surpassed that of 2016 by 311.7 per cent. It said in the first quarter of 2017, N33.9 billion was generated as Education tax revenue, as against the N8.24 billion generated in the same period of 2016.