Nigeria eyes 57 per cent revenue collection boost in 2024

The Nigerian federal government says it plans to achieve a 57 per cent revenue collection boost in 2024.

The development comes as the country’s apex tax collection agency, the Federal Inland Revenue Service, forecasts revenue to increase 57 per cent in 2024 to 19.4 trillion nairas ($20.3 billion), compared with last year, according to Bloomberg.

Accordingly, the report indicated that the government expects N9.96 trillion in tax revenue from oil and N9.45 trillion in non-oil revenue.

The agency plans to “carry out internal reallocation from oil to non-oil, given that the budget oil revenue 2024 was increased by 214 per cent compared to 2023 actual, while non-oil was increased by only 3 per cent”.

In July last year, President Bola Ahmed Tinubu appointed a Presidential Committee on Fiscal Policy and Tax Reforms headed by Taiwo Oyedele to boost revenue collection.

This comes as, in the first six months of 2023, the FIRS collected tax revenue of N5.5 trillion, which was a record for a half year and put the agency in a position to surpass its N10.1 trillion collection for 2022.