The National Assembly’s Joint Committee on Finance has set a N25 trillion revenue target for the Federal Inland Revenue Service (FIRS) in the 2025 fiscal year.
This follows the committee’s commendation of FIRS Executive Chairman Zacch Adedeji for exceeding the 2024 revenue target of N19.4 trillion by collecting N21.6 trillion.
Deputy Chairman of the House of Representatives Committee on Finance, Saidu Musa Abdullahi, praised the achievement as unprecedented during Wednesday’s session, following Adedeji’s presentation on the agency’s 2024 performance and 2025 projections.
“The feat attained by FIRS in 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 said.
He, however, urged the FIRS boss to understudy the template being used in South Africa, which, according to him, generates revenue from tax collections far above that of Nigeria despite having a smaller population of about 45 to 54 million people, compared to Nigeria’s 200 million population.
“We shall give you total support on your tax reform, but you need to bring more taxable citizens from the informal sector into the net,” he said.
Senator Joel-Onowakpo Thomas (PDP, Delta South) praised the Federal Inland Revenue Service (FIRS) for exceeding its 2024 tax revenue target, emphasizing the global importance of taxation and urging FIRS to advance reforms to enhance the process. He proposed increasing the 2025 revenue projection for FIRS to ₦30 trillion. Similarly, Senator Binos Yeroe (PDP, Adamawa South) applauded the FIRS chairman for the innovative strategies that led to surpassing the 2024 tax collection target.
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