The upcoming registration of Twitter and other social media sites in the country, according to Mohammed Nami, the Executive Chairman of the Federal Inland Revenue Service (FIRS), is expected to enhance the agency’s predicted revenue for 2022 by roughly N5 trillion.
Nami mentioned this in an appearance before the Finance Committee of the House of Representatives in Abuja.
He stated that FIRS has set a revenue target of N10.1 trillion for 2022, noting that the predicted income for 2022 is around N5 trillion higher than that of 2021 due to planned social media platform registration.
“In 2022, the entire collection that we are attempting to generate and submit to the proper accounts, including the federation account, is N10.1 trillion,” he said.
“We are aware that Twitter and they already registered others with us. As a result, we anticipate that the impact of those registrations will be favorable for FIRS, which is why the targets are increasing.”
Nami said FIRS collected a total of N4.950 trillion in the 2020 budget, compared to a planned income of N5.076 trillion.
“The service collected N4.950 trillion in total revenue against a budgeted amount of N5.076 trillion, signifying a 98 percent success rate. Non-oil and oil components contributed N3.435 trillion and N1.515 trillion, respectively, to the total collection.
“As a result, the cost of collection of N130.45 billion was accomplished against a budget of N180.76 billion to cover the three operating expenditure items for the year,” he said.
Nami highlighted that, as of June, FIRS has achieved 43 percent of the targeted revenue for the 2021 budget.