Multiple tax burden threatens companies' survival
Executive Chairman of Federal Inland Revenue Service (FIRS), Muhammad Nami

The Federal Inland Revenue Service (FIRS) has said it plans to collect N10.1 trillion as tax from Nigerians and others in 2022.

This is a national tax revenue projection the FIRS chairman Muhammad Nami shared with federal lawmakers in Abuja, NAN reported.

Nami who stated this when he appeared before the House of Representatives Committee on Finance on Wednesday, at a public hearing by the committee on the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), explained that the N10.1 trillion was the global figure projected to be generated and remitted to the federal government in 2022 by the FIRS, and accounting for tax and other revenues accruing to the government.

In 2020, the FIRS generated a tax revenue of N4,952,243,711,728.37. Its tax revenue target for 2021 is N7.61 trillion amid Nigeria’s security and economic crises.

James Faleke, the committee chairman, urged the FIRS management to put in the required determination to ensure that the target was met.

He also commended the FIRS’s previous effort to ensure that its revenue generation targets were met while urging the service to strive to do more in its revenue generation mandate.

The lawmaker had earlier described the MTEF and FSP, with a three-year plan, as a major feature of the annual budget preparation cycle, saying it provided the basic estimates and assumptions for the annual budget


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