The Federal Inland Revenue Service (FIRS) said it generated a total sum of N490 billion in tax receipts in the month of July.
Making the disclosures Thursday, the revenue agency stated that N438 billion of that amount was generated from non-oil receipts, which represents 89% of the total figure, while N52 billion was from oil receipts, representing 11% of the total collection.
The agency revealed that the dip in oil revenue could be blamed on global shock caused by the coronavirus pandemic which led to a crash in crude oil prices and huge output cuts by oil-producing countries.
The statement also quoted the Executive Chairman of FIRS, Muhammad Nami, as attributing the increase in the non-oil receipt to the various reform measures that have been introduced by the board and management of the service, as well as the dedication of the staff. He said that it was gratifying to note that their collective effort as stakeholders was paying off.
Mami said the FIRS has continued to record a significant increase in tax revenue from non-oil sources, despite the national and global economic crises caused by COVID-19, saying that non-oil tax receipts had consistently contributed 75-90% of the total tax receipt in recent months