FG generates N5.3trn tax revenue in 2018, targets N8trn in 2019

The Federal Government, through the Federal Inland Revenue Service (FIRS), is planning to generate N8 trillion tax revenue in 2019 after recording N5.3 trillion proceeds in 2018.

Revenue collection trend report released on Monday by Tunde Fowler, executive chairman, FIRS, shows that FG’s tax revenue increased by N1,292.60 trillion or 32.09 percent over the N4.02 trillion generated in the corresponding year of 2017.

A breakdown of the tax revenue shows that N2.47 trillion was generated from oil revenue between January and December 2018, while non-oil sector recorded N2.85 trillion tax revenue in the same period.

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Fowler gave the update in Lagos at the FIRS 2019 management and stakeholders retreat themed ‘Parliamentary Support for Effective Taxation of the Digital Economy’.

“FIRS has adopted various technology initiatives as a medium to achieve innovation, convenience and transparency of its operations, thus reducing the taxpayers’ burden, and every effort is made to improve FIRS efficiency in collections and tax administrations,” Fowler said.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.