FIRS reports record N21.6trn revenue

…sets N25.2trn target for 2025

The Federal Inland Revenue Service (FIRS) raked in a record N21.6 trillion in revenue in 2024, driven basically by non-oil taxes.

The revenue is a 76 percent increase from N12.474 trillion which it generated in 2023.

It is also higher than the N19.4 trillion targeted, as all tax types, in 2024, outperformed previous year’s records, according to official figures.

Meanwhile, the agency has set an ambitious N25.2trn revenue target for 2025 and is quite confident of surpassing it.

Zacch Adedeji, Executive Chairman, FIRS who gave the revenue updates at the agency’s strategic management retreat in Abuja on Thursday said non-oil taxes exceeded targets by 28% and contributed 73.4% of total revenue.

Adedeji said 2024 was a year of exceptional performance, as the FIRS implemented a set of key administrative and policy reforms which sustained growth in collections.

Some of the administrative reforms include automation; introduction of TaxPro-Max; use of 3rd party data for intelligence; expanded use of With Holding Tax; improved debt collection, and organizational reforms.

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Under policy reforms were Value Added Tax & education tax rates, as well as improvement in tax laws through Finance Acts.

The impact of higher exchange rate and inflation also helped push up the tax numbers.

” Together, we closed the chapter of 2024 with an achievement that will forever be recorded in the history of the Federal Inland Revenue Service: the record-breaking generation of N21.6 trillion in revenue, surpassing our target of N19.4 trillion,” Adedeji stated.

“This was no small feat…The year 2024 was pivotal in laying a solid foundation for transforming the Federal Inland Revenue Service into a globally recognized, efficient, and trusted revenue authority.

” It marked a period of strategic growth, positioning the Service as a cornerstone of Nigeria’s economic progress.

He said in 2025, focus will be on consolidating and institutionalizing internal strengths to ensure long-term resilience and operational excellence.

“This year, our mission is both ambitious and transformative.”

According to him, part of the strategies to achieve the lofty targets will include investment in the Service workforce as well as innovative use of technology.