The National Assembly has praised FIRS for surpassing its 2024 revenue target, hitting N21.6 trillion, and set an ambitious N25 trillion target for 2025
The National Assembly has commended the Federal Inland Revenue Service (FIRS) for surpassing its 2024 revenue target.
This happened on Wednesday during the budget defence of the FIRS led by its Executive Chairman, Zacch Adedeji, who stressed how the agency had surpassed its revenue collection target of N19.4 trillion to N21.6 trillion in 2024. This milestone was described as unprecedented by members of the National Assembly’s joint committee on finance, who proposed an ambitious N25 trillion revenue target for 2025.
Deputy Chairman of the House committee on finance, Rep. Saidu Musa Abdullahi, commended the agency’s exceptional performance saying, “The feat attained by FIRS on revenue collection or generation in 2024 was unprecedented and a very wonderful one, worthy of commendation.
“That you surpassed the target set for the agency in the 2024 Appropriation Act from N19.4 trillion to N21.6 trillion, is very cheering and encouraging,” he enthused.
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He urge the agency to study South Africa’s tax collection system to widen Nigeria’s tax net, particularly within the informal sector.
“We shall give you total support on your tax reform but you need to bring in more number of taxable citizens into net from the informal sector,” he said.
Sen. Joel-Onowakpo Thomas (APC, Delta South) also applauded the FIRS, proposing a more ambitious N30 trillion target for 2025.
Sen. Binos Yaroe (PDP, Adamawa South), also commended the FIRS boss for the initiatives and innovations deployed in surpassing tax collection revenue target in 2024.
“Your performance in 2024 was highly commendable and wish you keep it up,” he said.
Rep. Etanabene Benedict suggested pushing the target to N60 trillion. “If we do well on tax collections or revenue generation we will not borrow to fund our budget. Going by the feat attained by FIRS in 2024, urge this committee to project N60trillion tax collection or revenue generation for it in 2025,” he said.
However, the Chairmen of the committee in their separate closing remarks told the FIRS boss that the N25trillion projected for the agency in 2025 is what he should work with and possibly surpassed as done in 2024.
Sen. Sani Musa said: “FIRS should work with the N25trillion projected revenue set for it in 2025. It is achievable and even surpassable.”
