REVENUE: FIRS HITS N21.6 TRILLION IN 2024 AS NASS TASKS IT TO ACHIEVE N25 TRILLION IN 2025 15-01-25
By Sadiq Aminu Senate has poured encomium on the Executive Chairman of Federal Inland Revenue Service ( FIRS ) , Mr Zacch Adedeji in the National Assembly for surpassing revenue collection target of N19.4trillion in 2024 to N21. 6trillion.
Impressed by this performance, the National Assembly through its joint committee on Finance, proposed N25trillion tax collection or revenue generation target for FIRS in 2025 fiscal year.
First to commend FIRS after presentation by the service boss on revenue collection in 2024 and projection for 2025, was the Deputy Chairman, House of Representatives Committee on Finance, Saidu Musa Abdullahi who described the performance as unprecedented.
“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 N19.4trillion to N21.6trillion , 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 smaller population of about 45 to 54million people when compared to 200million population in Nigeria.
” 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.
Also commending FIRS for surpassing projected tax revenue in 2024, Senator Joel – Onowakpo Thomas ( Delta South ) in his remarks , said taxes all over the world is the way to go , the very reason , FIRS must deepen the process through planned reform.
He suggested that the committee should increase projected revenue for FIRS in 2025 to N30 trillion.
Senator Binos Yeroe ( 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.
Hon Etanabene Benedict added to the commendation galore for the FIRS boss in his remarks by saying ” 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.”
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.
Senator Sani Musa in particular, said : “FIRS should Work with the N25trillion projected revenue set for it in 2025 . It is achievable and even surpassable.”