Federal Inland Services (FIRS), says it generated revenues worth N4.2 trillion in the first nine months of 2021.
While speaking on Arise News on Wednesday, Muhammad Nami, executive chairman of the FIRS noted that the agency would have met its N7 trillion revenue target by now but for the challenges in the oil and gas sector.
Nami said: “We have collected so far N4.2 trillion as at nine months of the year, and out of this N4.2 trillion, N3.3 trillion came from non-oil taxes and the remaining one, which is about N950 billion came from oil taxes,”
“So, if you look at it critically, for the fact that we realised that there’s a problem in the oil and gas sector, the fact that Nigeria government requires these funds to fund the budget, we had to do one or two things differently, making sure we’re able to generate more money for the government.
“It (fall in taxes) has to do with the drop in OPEC quota to Nigeria. It is as low as 1.4 million barrels per day, as against 2.4 BPD that we used to have, and Nigeria is not even able to produce up to that 1.4 million barrels per day. What we currently produce is in the region of 1.2 million barrels and 1.25 million barrels on a monthly basis.
“So, you can imagine the difference of the impact that 1 million barrels a day will have on the revenue of this country and also on the taxes that come from that revenue,”