FIRS sets N19.4tr target for 2024

The Federal Inland Revenue Service (FIRS) has set a revenue target of N19.41 trillion in 2024.

This target represents a significant increase of 56.91% from the 2023 actual generated revenue of N12.37 trillion.

The figure was also 67.91% higher than the previous year’s target of N11.56 trillion.

The data showed that the Federal Government expects N9.96 trillion as tax payments from oil and gas sector this year.

This is 214.2% higher than the N3.17 trillion generated from the sector last year.

The FIRS Executive Chairman, Zacch Adedeji, who spoke at the agency’s 2024 strategic management retreat held in Abuja, said the target was achievable with the series of reforms being implemented by the service.

READ ALSO:LIRS, FIRS establish joint team to increase govt revenue

He said: “Our focus is to drive for long-term compliance. And in a few minutes now, by those rules, we have the new structure that we have. And what we’ve done in general is to move from functional or type of taxi units to customer-centred.

“And we want to use that to drive compliance because the focus cannot be on investigation. The real strategy is to drive compliance and the way to do it is that there will always be consequences for no compliance.

“So, our focus is not to go and tax the informal sector. Our focus is actually to bring the informal sector to the sector. The focus should not be let’s go and tax informal. The focus should be to move the informal sector to the formal sector, improve their skill and then we can then tax them.”

He added that the new operational structure currently in place at the agency would eliminate confusion and redundancy in tax administration in Nigeria.

By: Babajide Okeowo

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