The Federal Inland Revenue Service (FIRS) said Gas generated N4.69 trillion from taxes in 2014.

The Federal Inland Revenue Service (FIRS) has said on Thursday during Quarterly Revenue Report issued in Abuja  that it generated N4.69 trillion from taxes for the Federal Government in 2014 which surpassed its target for the year by about N400 billion.

According to the report, the revenue is derived from petroleum profit and non-oil taxes, including income tax, gas income, capital gain tax, stamp duty and Value Added Tax (VAT).

The report also indicated that N2.45 trillion, representing 52.96 per cent, was collected from petroleum profit tax while N2.24 trillion, representing 47.04 per cent, was collected from non-oil taxes during the period.

Read up here FIRS generated N4.69trn revenue in 2014
So where do all the money go?