The Federal Inland Revenue Service (FIRS) collected N21.6 trillion as tax revenue in 2024, exceeding by about N2.2trillion the N19.4 trillion target set for it by government.
The Chairman of FIRS, Dr Zacch Adedeji, said the revenue collection performance of the Service represents about 112 percent of the target set for 2024 and N9.36 trillion, or 76 percent increase in the revenue collected for the 2023 fiscal year.
Adedeji who spoke in Abuja on Thursday at the opening of a two-day strategic management retreat of the agency attributed the increased tax revenue collection to the enabling environment provided by the present administration’s internal reforms introduced at FIRS as well as the dedication and professionalism by staff of the agency.
Spokesperson of the agency, Dare Adekanmbi, said based on the upward trajectory of tax revenue, the FIRS has set a higher collection target of N25.2 trillion for the 2025 fiscal year.
“We achieved the record-breaking collection of N21.6 trillion in tax revenue for 2024, surpassing our target of N19.4 trillion, an unprecedented achievement in the history of FIRS.
“This was no small feat. It was the result of management resilience, professionalism, and dedication, coupled with visionary leadership and a strategic focus on the pillars of people, technology, and processes,” Dare quoted the FIRS Chairman as saying.
This success, he pointed out, was not just that of the FIRS to celebrate, as a revenue authority, but more as a cornerstone of the nation’s economic stability, a vital pillar upholding Nigeria’s progress, and an agent of renewed hope for all Nigerians.
The Coordinating Director, Large Taxpayers Group, Amina Ado, in her review of the figures said the contribution of non-oil taxes to the revenue pool grew by 97 percent during the year, just as there was a significant increase in debt recovery.
She said all non-oil tax types, like Companies Income Tax (CIT), Value-Added Tax (VAT) and others exceeded their targets, with tax from oil being the only tax type that performed below expectation due to lower crude oil output of 1.55million barrels per day, instead of 1.78million bpd.
Despite the low oil production, Ado said oil tax went up by 35 percent, compared to what it contributed to the pool at the end of 2023.
She highlighted how the quick resolution and increase in the number of audit cases from 4,980 in 2023 to 8,046 in 2024 contributed to the high revenue performance in 2024.
The coordinating director expressed optimism that the 2025 target would be achieved with active collaboration, adding that “the big betting companies are in our (FIRS) tax net already and we are working on getting more so as to expand the net.”
Minister of State for Finance, Doris Uzoka-Anite, described FIRS as “the most important organisation in Nigeria today, in terms of revenue generation, as anything the government wants to do was anchored on revenue.
She prised the achievements of the FIRS under the current leadership saying: “All these achievements by FIRS can only come when it has a focused management. You are lucky to have Dr Zacch Adedeji on board.
“It is important that the morale of the workers is boosted. When we came, we declared emergency in revenue. That was when he was Special Adviser on Revenue. We are happy things have greatly changed
“As we look more to the passage of the tax reform bills, you will be the one to make it achievable. Nothing must happen to you, because when you sneeze, we will catch cold. You are important to the growth of Nigeria. Everything that is happening here. You have our support,” she said.
Earlier, the Chief of staff to the FIRS chairman, Tayo Koleosho, said the organisation had laid foundation for impactful 2025, noting that the management would focus more on collaboration to further reposition the agency.
“FIRS recognises its workforce as central to effective tax administration and will prioritise developing technical and managerial competencies through targeted training,“ he said.
These initiatives, he said, would enhance data-driven decision-making and equip staff to address evolving challenges in tax policy, compliance, and enforcement within a modern revenue system.
“In 2025, FIRS will position technology as a central driver of tax administration by expanding integrated systems for end-to-end digital processing, enhancing taxpayers’ platforms for seamless access, and leveraging emerging technologies for audits, compliance, and fraud detection to unlock new revenue opportunities,” said Koleosho.
