The Federal Inland Revenue Service (FIRS) said it generated N10.1 trillion in 2022, a record revenue for the agency and the highest in Nigeria’s tax history.

The groundbreaking tax revenue was announced by the Service through the “FIRS 2022 Performance Update” report signed by its Executive Chairman Muhammad Nami. The report, which was released on Monday following Nami’s briefing with President Muhammadu Buhari, said non-oil tax contributed 59% more to the revenue generated by the FIRS.

“The FIRS, in the year 2022 collected a total of N10.1 trillion in both oil (N4.09 trillion) and non-oil (N5.96 trillion) revenues as against a target of N10.44 trillion.

“Companies Income Tax contributed N2.83 trillion; Value Added Tax N2.51 trillion; Electronic Money Transfer Levy N125.67 billion and Earmarked Taxes N353.69 billion.

“Non-oil taxes contributed 59% of the total collection in the year, while oil tax collection stood at 41% of total collection,” the report said.

Though it falls short of the N10.44 trillion tax revenue target, the record is a milestone that the service is expected to build on to fill the revenue gaps created by oil shortfalls. The FIRS said the revenue value is exclusive of tax waivers granted under various schemes of the government.

“N146.27 billion is the total value of certificates issued by the Service to private investors and NNPC for road infrastructure under the Road Infrastructure Development Refurbishment Investment Tax Credit Scheme created by Executive Order No. 007 of 2019.

“The report also stated that the N10.1 trillion is exclusive of tax waived on account of various tax incentives granted under the respective laws, which amounted to N1,805,040,163,008,” the tax agency said in a statement on Monday.

In 2021, the Service recorded a threshold of N6.405 trillion, the highest in history. This is the second consecutive year that the tax agency will be toppling its past revenue record. Nami said the FIRS reached the milestone through “dogged implementation of strategic reforms over the past two years; a renewed commitment by officers of the Service, accompanied with a boosted morale; as well as the innovative deployment of technology for automation of both tax administration and operational processes.”

Speaking on the outlook for 2023, the tax boss stated that the FIRS would build on the current reforms, achieve full automation and continue to establish a resilient Service that would continue to provide sustainable tax revenue to fund the government.

However, Nigeria’s 2022 Budget suffered a huge deficit despite the historic tax revenue. The N17.126 trillion budget incurred a deficit of N7.157 trillion, accounting for 12.07%, as the finance ministry conducted 7.18% downward review of the revenue projection, from N10.74 trillion to N9.97 trillion.

The revenue deficit forced the federal government to take to borrowing, increasing Nigeria’s public debt profile to more than N42 trillion.

Nigeria earned N11.5 trillion from crude oil in the first half of 2022.

However, it is not clear how much the FIRS remitted to the government’s purse from the N10.1 trillion tax revenue. The tax agency enjoys “cost of collection” percentage, which under the 2023-2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), means that the Service and other revenue-generating agencies will be given a fixed percentage of their revenue as “cost of collection.”

Under the provisions of the Fiscal Responsibility Act, which was heavily abused, revenue-generating agencies are allowed to use their discretion in spending but are expected to remit 80% of the operating surplus. This has led to bloated spending and poor revenue remittance from the agencies.

The gaming industry has changed dramatically over the past 20 years. Mobile gaming has become big business and gone are the days of playing Snake on a Nokia device. Snake was actually a hugely popular game and helped Nokia sell millions of devices but fast forward to 2023 and mobile gaming is massive. Why is mobile gaming such a growing hobby?

The Statistics

Before we look at the reasons why mobile gaming is a growing hobby, we can assess the statistics surrounding mobile gaming. In the final quarter of 2022, it was estimated the global mobile gaming industry was worth over $300 billion. There are now over 3 billion mobile games from which to choose and this includes all the games on the Google Play and App Store plus real money online casino games. In terms of spending on mobile gaming, the public expenditure was more than $40 billion come the end of 2022 and is continuing to rise. If we combine both the Google Play and App Store, over 14 billion mobile games were downloaded across the world. These numbers underline the growing popularity of mobile gaming but what makes it such a growing hobby?

Convenience

We cannot underestimate how big a role convenience plays when it comes to mobile gaming. We live in a world where convenience is high on the list of priorities, whether it be turning the lights on at home using a voice command or playing a game on a mobile phone rather than turning on a computer. In addition, it is possible play mobile games outside the home, meaning games can be played anytime and anywhere. This adds to the numbers of people playing mobile games and millions of people use their breaks and lunch times at work to play games on a mobile phone. People travelling to work on public transport also play games on a mobile phone to pass the time and convenience is one of the major driving factors behind the growing hobby.

Cost

There are thousands of mobile games available to play for free. Some of the top games in the Google Play and App Store charts are free to play, which is something you rarely see from console-based titles. There are mobile games that charge a fee to download but the cost is often minimal compared to console games, which can often be over $80 for the big titles. Some aspects of free mobile games require a payment to progress in the game but for the casual gamer, it is possible to play many of the top mobile titles for free and that is one of the key reasons mobile gaming is so popular.

The Device

Most people who live a regular life own a smartphone and that means access to mobile games. Many people do not own a gaming console and the latest consoles can cost a lot of money. However, owning a mobile phone is enough to access hundreds of great games, without the need to spend money on a console and the number of people simply owning a device is what makes mobile gaming such a growing hobby.

The Metaverse is one of the most exciting DeFi applications in the market. It has endless potential, taking users to entirely new worlds, offering passive income opportunities, and could even be used for educational purposes.

Two projects that are offering great Metaverse opportunities are The Sandbox (SAND) and Orbeon Protocol (ORBN), each of which offers unique applications and use cases.

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The Sandbox Price Increases Slow In Mid-January

The Sandbox (SAND) is the largest Metaverse regarding player count, with over 2 million players. The Sandbox (SAND) offers unique gameplay and income opportunities, with a vast world for players to explore and invest in.

The Sandbox (SAND) players can buy and own land from NFT marketplaces like OpenSea, and upgrade their land to optimize their income potential. Some land plots are selling for over $46,000, making them a good investment for those with a higher budget.

The native token of The Sandbox (SAND) is SAND, which is used for in-game transactions. In the first month of 2023, The Sandbox (SAND) increased by 55.39%, with 1 SAND worth $0.7112. However, after two weeks of rapid growth, The Sandbox’s (SAND) value has started to plateau, and growth has slowed. Despite this, many investors believe The Sandbox (SAND) will continue to rise in 2023 due to the project’s size and potential to dominate the Metaverse market.

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Orbeon Protocol Experiences New High In January

Orbeon Protocol (ORBN) is a new DeFi launchpad that includes a Metaverse as part of its wider ecosystem. Since its first presale in October 2022, Orbeon Protocol (ORBN) has increased from $0.004 to $0.06, with analysts predicting highs of $0.24 before the end of its presale.

The main feature of Orbeon Protocol (ORBN) is the Orbeon Launchpad, which lets startups raise money without needing to rely on venture capitalists. Instead, they can create equity backed NFTs through the launchpad and sell them directly to everyday investors. This helps businesses raise funds whilst diversifying risk and building a community of loyal investors.

Investor safety is an integral part of Orbeon Protocol (ORBN), which has created a “Fill or Kill” mechanic to limit the damage caused by adverse investments. This mechanic returns investor funds if a business misses its funding targets.

To further guarantee safety, Orbeon Protocol (ORBN) has passed an audit by Solid Proof and will lock both ORBN liquidity and team tokens. Liquidity will be locked for a decade, and team tokens will be locked for a year, entirely removing any risk of a rug pull.

The Orbeon Protocol (ORBN) Metaverse will be used to create interconnected economies with a number of Web3 partnerships. Through collaboration, the team hopes to pioneer MetaFi and DeFi, focusing on governance, non-fungible assets, interoperability solutions, and virtual augmented reality.

Investors who purchase Orbeon Protocol (ORBN) tokens will be rewarded with a range of bonuses, including access to an inclusive investor group, USDC cashback, and early access to funding rounds. As one of the top upcoming presales, its expected Orbeon Protocol (ORBN) will sell out by the end of January, offering the greatest returns for investors who get in early. With that in mind, those who buy into Orbeon Protocol (ORBN) now can expect huge returns over the next few months.

Find Out More About The Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register

Telegram: https://t.me/OrbeonProtocol