The Federal Inland Revenue Service (FIRS) says it is targeting N8.5 trillion revenue for the country in 2020.
The Executive Chairman of FIRS, Muhammad Nami, disclosed this at the 2020 Corporate Plan Retreat in Abuja on Friday.
Nami said the target was slightly lower than the 2019 target by about N300 billion.
He explained that the N8.5 trillion target was broken down into oil tax target of N3.698 trillion and non-oil taxes target of N4.8 trillion.
The FIRS boss assured that the target was achievable and realisable especially with the ongoing reforms and business process re-engineering that were currently taking place in the service.
“In 2019, the FIRS achieved total tax revenue collection of N5.263 trillion against target of N8.802 trillion which translated to about 60 per cent target achievement for the year. The performance was slightly lower than the 2018 collection of N5.32 trillion by N57 billion.
“Oil tax collection for the year was N2.111 trillion which was 49 per cent achievement of its annual target of N4.301 trillion and accounted for 40 per cent contribution to the total collection.
“On the other hand, non-oil taxes collection for the year was N3.152 trillion which was 70 per cent achievements of the annual target of N4.501 trillion and accounted for 60 per cent contribution to the total collection,” he said.