By Mercy Adi
The Federal Inland Revenue Service (FIRS) has received praise from the National Assembly for exceeding its 2024 revenue collection target of N19.4 trillion, reaching an impressive N21.6 trillion. This achievement was acknowledged during a presentation by FIRS Executive Chairman, Zacch Adedeji, before the Joint Senate and House of Representatives Committee on Finance, led by Senator Sani Musa.
Deputy Chairman of the House of Representatives Committee on Finance, Saidu Musa Abdullahi, described the performance as “unprecedented and a very wonderful one, worthy of commendation.” He noted that surpassing the target set in the 2024 Appropriation Act “is very cheering and encouraging”
Abdullahi encouraged Adedeji to study South Africa’s tax collection template, which generates significantly more revenue despite having a smaller population. He emphasized the need to bring more taxable citizens into the net from the informal sector, assuring the FIRS boss of “total support” for tax reform efforts.
Other lawmakers, including Senators Joel-Onowakpo Thomas and Binos Yeroe, commended FIRS for its achievement, with Thomas suggesting an increased projected revenue of N30 trillion for 2025. Etanabene Benedict of the House of Representatives proposed an ambitious N60 trillion tax collection target for 2025.
However, the committee ultimately set a target of N25 trillion for FIRS in 2025, which Senator Sani Musa deemed “achievable and even surpassable.”