Does FIRS's recent records of the highest revenue collected worth the hype? This is overhyped and I'm unimpressed.

FIRS TAX COLLECTION — BUDGET & ACTUAL

2021
Budget — ₦6.402 trillion
Actual — ₦6.404 trillion
Achievement — 100%

2022
Budget — ₦10.44 trillion
Actual — ₦10.05 trillion
Achievement — 96.3%

(Source: FIRS 2022)

Why am I unimpressed?

Here are my 2 cents on the unworthy celebration.

₦10.05 trillion in 2022 is only worth ₦8.06 trillion in 2021, discounting at the current rate of inflation of 21.5%. Then discount down over the years.

₦10.05 trillion being celebrated today cannot purchase what it can buy in 2021.

In real terms, FIRS only generated ₦8.06 trillion in revenue in 2022 and not the declared amount.

Inflation is like poison, it kills your earnings and erodes your purchasing power.

In conclusion, the FIRS still has a long way to go and I believe that Nigeria can fund its budget with tax revenue without increasing tax rates or introducing new taxes.

And here is a soft reminder that you should be deliberate about the selection of your CEO in the forthcoming general election next month. We can fix Nigeria!
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excellence44:

Aside this, about 2t it off the 10t is waved to new companies. How do you count waved money as part of collected revenue?