(Ecofin Agency) - In the H1 2018 revenue performance report, Nigeria’s Federal Inland Revenue Service (FIRS) announced that it raised more than N2.5 trillion (about $7 billion) in tax revenue from January to June 2018. This represents a strong success as the tax administration already realized 75% of its total target for 2018 in just six months.

In addition, the figure reflects an increase by 42% compared to the same period in 2017. According to Dr Patricia Auta, an economic expert, interviewed by the News Agency of Nigeria (NAN), the improvement was the result of the current administration's policies to broaden tax base and block revenue leakage.

“In July 2017, the Federal Government launched the Voluntarily Assets and Income Declaration Scheme (VAIDS) […]. Figures from the FIRS shows that through the scheme, it has succeeded in growing the country’s tax base from 13 million in 2015 to 19.3 million in 2018,” she commented, adding that “The performance report for the first half of 2018, when compared to the same period in 2017, shows clearly, the impact of the government’s strategy in improving the non-oil revenue”.

Let’s also note that while taxes on oil revenues are rising, some other taxes such as VAT are also growing remarkably.