Historic Tax Achievement: FIRS Exceeds N19.4 Trillion Benchmark in 2024
In a remarkable achievement, the Federal Inland Revenue Service (FIRS) has surpassed its 2024 revenue target of N19.4 trillion, impressing both the National Assembly and financial experts alike. The tax body was praised for its outstanding performance during a session held on Wednesday with the Joint Senate and House of Representatives Committee on Finance, headed by Senator Sani Musa.
Recognizing the significant contribution to national finances, the Committee increased FIRS’s 2025 revenue target to a bold N21.6 trillion. This move comes as a direct response to the Service’s historic accomplishment in 2024, where it not only met but exceeded expectations.
Deputy Chairman of the House Finance Committee, Hon. Saidu Musa Abdullahi, called the achievement “historic and unprecedented,” underscoring the potential for even more growth. “Your performance in 2024 is highly commendable, and it shows we have the capability for self-sustainability,” he stated, encouraging the FIRS to refine its approach further by looking at international models, particularly South Africa, which generates more tax revenue despite a smaller population.
Senator Joel-Onowakpo Thomas, representing Delta South, also lauded the FIRS for its record-breaking year, stressing that tax reforms are essential for sustained growth. “Taxes are the backbone of any economy, and the FIRS must continue to deepen its reforms,” he added, suggesting an even more ambitious 2025 target of N30 trillion.
The praise didn’t stop there. Senator Binos Yeroe from Adamawa South and Hon. Etanabene Benedict both echoed similar sentiments, highlighting how efficient tax collection could reduce Nigeria’s dependency on borrowing to fund its budget. Benedict even proposed a remarkable N60 trillion target for FIRS in 2025.
Despite the optimistic outlook, the committee chairs made it clear that the N25 trillion target set for 2025 should be seen as both an achievable and surpassable goal. Senator Sani Musa emphasized that with continued innovation and commitment, the FIRS could once again exceed expectations.
As FIRS looks ahead, the road to 2025 seems filled with both opportunity and responsibility. With the National Assembly’s full support, there’s no telling how high the tax revenue can climb in the years to come.
