FIRS Project N19.4trillion Revenue

The Federal Inland Revenue Service (FIRS) has exceeded its revenue target for 2023 by N816 billion, marking a remarkable 107 percent performance over the established goal.
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A target of N19.4 trillion in tax collection has been set by the organization for the current year.

This disclosure was made by Amina Ado, the Coordinating Director of the Special Tax Operations Group, during the management retreat held on Wednesday in 2024.

For the fiscal year 2024, the Federal Government anticipates a revenue of N19.41 trillion from the FIRS. This target represents a substantial increase of 56.9 percent from the actual revenue of the preceding year and 67.91 percent from the target set in the previous year.

In 2023, the FIRS had set a revenue target of N11.56 trillion, but it exceeded expectations by realizing N12.37 trillion, an impressive N816 billion surplus.

Amina Ado, while outlining the strategy the agency will employ to achieve the N19.4 trillion revenue target, emphasized that in 2023, the agency collaborated with other regulators, contributing to its success. She also stated that the FIRS will persist in engaging with other regulators, as well as tax practitioners and intermediaries throughout the current year.

“We engaged with other regulators in 2023 and we will continue to engage them, tax practitioners, intermediaries and the withholding concept to expand the tax base as much as possible under the law.

“The law has given us a lot of opportunities to expand the withholding concept so that we can take the taxes and that way, the leakages downstream can be lowered. These are strategies we will deploy to ensure we deliver on this ambitious target”, she said.

She added that the FIRS will ensure its service delivery to taxpayers is improved while it will reorganise ligation and prosecution to make sure those who are not compliant will be brought to book.

“We will improve the management of large taxpayers and these sector contributors because they provide a lot of revenue we are seeing. We will improve service delivery and leverage technology to make sure we make it easy for taxpayers to pay.

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