FIRS to boost tax revenue collection by 57% in 2024

The Federal Inland Revenue Service (FIRS) has revealed plans to significantly increase its tax revenue collection by 57% to N19.4 trillion in the year 2024.

The FIRS is focused on increasing oil and non-oil revenues through organizational restructuring, enhanced efficiency, tax compliance and internal reallocation, aligning with President Bola Ahmed Tinubu’s revenue-increasing reforms.

According to the document quoted by Bloomberg, the FIRS is intent on increasing its oil revenues to N9.96 trillion while setting non-oil tax revenue at N9.45 trillion.

To achieve this, the FIRS has mapped out plans to enhance efficiency and tax compliance by restructuring its organizational framework.

That is, in order to prioritize taxpayers and implement additional automation measures for tax collection, as outlined in the document.

It also has some other plans which are aimed at carrying out internal reallocation from oil to non-oil.

“To carry out internal reallocation from oil to non-oil, given that the budget oil revenue for 2024 was increased by 214% compared to 2023 actual, while non-oil was increased by only 3%,” the document read.

President Tinubu has instituted reforms which are aimed at increasing revenues accruing to the Federal Government’s coffers.

Tinubu since assuming office as President has always made it known that he hopes to tax the “seed” but the fruits.