The Federal Inland Revenue Service, FIRS, through tax collections, generated N2.11 trillion as revenue from January to July, 2017. This was announced in a progress report of the FIRS from January to July, obtained by the News Agency of Nigeria on Monday, showing the revenue performance and impact of the new tax regime. The aggregate revenue projected in the 2017 budget is N4.94 trillion, out of which oil revenue will contribute N1.98 trillion. This is based on an estimated crude oil production of 2.2 mbpd converted at an exchange rate of N305 to a dollar. Non-oil revenue for the year is projected at N1.37 trillion, which represents about 28 per cent of the budgeted revenue. Independent revenues, various recoveries and mining will account for the balance of about N1.58 trillion. A breakdown of the report showed that the FIRS from January to July this year collected N720.28 billion as Petroleum Profit Tax, PPT while the Value Added Tax, VAT revenue collected in the same pe...