Reuters

The Federal Inland Revenue Service (FIRS) remitted about N4.63 trillion to the Federation Account between January and November this year, revenue collection figures submitted to the Federal Ministry of Finance have shown.

The document presented during the Federation Account Allocation Committee (FAAC) meeting last week was obtained by newsmen in Abuja.

The document shows the figure is about 72.6 per cent of the projected cumulative revenue collection by the FIRS in the 2018 budget.

An analysis of the revenue collections by the FIRS showed accruals were from three major tax streams, namely Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Value Added Tax (VAT).

About N2.3 trillion was realized from PPT and N1.31 trillion came from CIT, while a total N1.01 trillion was raided through VAT, consisting N776.5 billion from non-import VAT and N230.8billion from import VAT.

Details of the monthly revenue earnings showed about N353.3 billion was remitted in January; about N450.5 billion in February; N319.1 billion in March; N428.44 billion in April and N384.9 billion in May.

In June, about N457.57 billion was remitted to the federation account, N408.93 billion in July, N492.6 billion in August, N370.5 billion in September, N473.7 billion in October and N485.5 billion in November.

Further details from the remittances for the year showed that about N1.76 trillion came from foreign PPT receipts, while N543.3 billion came from local PPT receipts for the 11 months.

On the update of the tax amnesty collection, another document presented to the FACC by the FIRS showed the federal government has so far received about N47.5 billion as at December 17, 2018.

The FIRS said about N24.3 billion is still outstanding form various tax defaulters who took advantage of the tax amnesty period to update their status.

Breakdown of the figures shows that out of about $159.3 million outstanding principal, about $106.3 million was received by the government, while payment for the entire £171,380 and CHF6,111 were received during the period.

The FAAC, which has the acting Minister of Finance, Zainab Ahmed, as Chairman, consists of the Commissioners of Finance from the 36 states of the federation; and the Accountant General of the Federation, Ahmed Idris.

Other members include representatives of the revenue agencies, including the Nigerian National Petroleum Corporation (NNPC), Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR), FIRS, Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC), Central Bank of Nigeria (CBN), Nigerian Extractive Industries Transparency Initiative (NEITI) and the Petroleum Products Pricing Regulatory Agency (PPPRA).

The federation account is currently being managed based on a legal framework that allows accruals in Consolidated Revenue Fund to be shared among the three tiers of government under the three major components, namely statutory allocation, Value Added Tax and derivation principle.

Get more stories like this on Twitter & Facebook

AD: To get thousands of free final year project topics and other project materials sorted by subject to help with your research [click here]