• Sunday, June 16, 2024
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BusinessDay

FIRS falls short of N4.8trn target, generates N3.94trn in Q1

Zacch Adedeji, FIRS executive chairman

The Federal Inland Revenue Service (FIRS) has fallen short of its tax revenue target for the first quarter of 2024, generating N3.94 trillion as against N4.8 trillion.

Zacch Adedeji, the chairman of FIRS made this known while hosting a delegation from the Chartered Risk Management Institute of Nigeria in Abuja.

The first three months performance of the agency represents a 56.7 percent increase compared to Q1 2023.

Meanwhile, the FIRS chief has reiterated that he is committed to achieving the N19.4 trillion target for this year, highlighting ongoing efforts to make the ambitious goal possible.

Adedeji who was ably represented by Tayo Koleosho, his chief of staff, stated that the FIRS remained dedicated to its mandate of revenue generation and meeting government targets.

He expressed readiness in collaborating with stakeholders like the Chartered Risk Management Institute of Nigeria to drive economic growth for the nation.

“Over the years through the various administrations, the service has maintained its mandate of generating revenue and meeting government’s targets,” he said.

“We will continue to make giants stride, and we take pride in meeting and surpassing our revenue collection targets for the federation with constant collaboration with stakeholders like the CRMI,” Adedeji added.

Also, the FIRS boss has assured to create an enabling environment that will stimulate growth by removing hindrances in the way of corporate entities and ensure a tax-friendly administration.

He added that with this resolve, businesses will grow, leading to economic prosperity for the nation.