COVID-19 takes its toll on FIRS Collection Target for Jan ’20
The COVID 19 pandemic has taken its toll on the revenue target for January 2020 as the
Federal Inland Revenue Service (FIRS ) collected tax revenue of N338.1 billion against a tax target of N620.2 billion.
The figure represents the aggregate collection by states’ coordinating units on monthly basis.
Muhammad Nami, Executive Chairman of FIRS was given a tax collection target of N8.5 trillion in 2020 fiscal year.
According to the collection performance of the state coordinating units, Adamawa, Gombe and Taraba had January target of N1,496,937,795.22 but collected N2,237,217,349.37 representing 149.45 percent collection.
Akwa Ibom, Bayelsa and Cross River had a monthly target of N2,175,116,159.19 but their actual collection in January was N2,010,374,940.81 representing 92.43 percent. Lagos Mainland East had January target of N50,272,057,644.57 but its actual collection of N39,177,218,569.19 amounted to 77.93 percent.
Jigawa, Kano and Katsina had collection target of N5,203,823,553.44. Their actual collection was N3,606,224,711.59 representing 77.93 percent. Ogun, Osun and Oyo had target of N6,268,435,732.91 while their actual collection during the period stood at N4,167,880,594.20 indicating 66.49 percent collection.
Lagos Mainland West was given a January target of N4,988,901,182.24 but collected N3,033,847,030.11 representing 60.81. Abia, Ebonyi and Enugu had a target of N2,503,697,840.31 but they were able to collect N1,356,428,894.51 representing 54.18 percent.
Benue, Kaduna and Niger had tax collection target of N3,848,560,125.77, they made actual collection of N2,003,203,450.93 indicating 52.05 percent. Delta, Edo and Rivers collectively had January target of N17,790,368,169.50 but recorded actual collection of N9,251,413, 039.13 indicating 52 percent.
Lagos Island was given a target of N459,548,646,637.50 in January, but it collected the sum of N238,708,658,042.72 translating to 51.94 percent. Bauchi, Plateau, Borno and Yobe had a collection target of N2,793,435,123,22, but their actual collection was N1,446,670,932.56 indicating 51.79 percent.
The FCT, Nasarawa and Kogi had the target sum of N61,680,175,079.81, but collected a total of N30,248,678,333.46 representing 49.04 percent. Ekiti, Kwara and Ondo had tax collection target of N1,726,864,502.79, but ended up with actual collection of N757,471,765.95 representing 43.86 percent.
Sokoto, Kebbi and Zamfara were mandated to collect N1,457,022,041.29 tax, their actual collection was N532,837,594.78 indicating 36.57 percent while Anambra and Imo had target sum of N1,457,022,041.29, actual collection sum of N384, 986,673.78 reflecting 26.42 percent.
Because of the outbreak of the Coronavirus pandemic, the N8.5trillion tax revenue target given to the FIRS appears to be at risk of not being met due to the slump in crude oil price.
In addition, businesses are shutting down, manufacturing production lines have been weakened because of the Covid 19 outbreak.