Abuja, Nigeria — The National Assembly has commended the Federal Inland Revenue Service (FIRS) and its Executive Chairman, Mr. Zacch Adedeji, for exceeding the 2024 revenue collection target of N19.4 trillion, achieving an impressive N21.6 trillion.
The achievement, described as historic, has led the Joint Committee on Finance to propose an ambitious N25 trillion revenue generation target for the agency in the 2025 fiscal year.
Deputy Chairman of the House of Representatives Committee on Finance, Saidu Musa Abdullahi, hailed the FIRS’s accomplishment as “unprecedented” during a presentation by Mr. Adedeji. He also urged the agency to explore South Africa’s tax collection framework, which generates higher revenue despite a smaller population. Abdullahi highlighted the need to broaden Nigeria’s taxable base by integrating more individuals from the informal sector.
Senator Joel-Onowakpo Thomas (Delta South) also praised FIRS for its 2024 performance, emphasizing that tax revenues are crucial for sustainable economic growth. He encouraged the agency to intensify its reforms and suggested raising the 2025 revenue target to N30 trillion.
Senator Binos Yeroe (Adamawa South) applauded FIRS’s innovative strategies in surpassing its target and urged it to maintain its momentum. Similarly, Hon. Etanabene Benedict emphasized that a robust tax revenue base could significantly reduce Nigeria’s reliance on borrowing to fund the national budget. Benedict even proposed an ambitious N60 trillion revenue target for 2025, citing the agency’s immense growth potential.
In their closing remarks, committee chairs expressed confidence in the FIRS’s capacity to meet and exceed the N25 trillion projection for 2025. Senator Sani Musa reaffirmed the achievability of the target and encouraged the agency to strive for even greater milestones.
The collective accolades reflect growing recognition of the FIRS’s pivotal role in driving Nigeria’s fiscal reforms and supporting sustainable economic growth.
By Enoch Odesola| January 16, 2025
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