The National Assembly has raised the revenue target for the Federal Inland Revenue Service (FIRS) following revelations by the Executive Chairman, Zacch Adedeji, that it surpassed the N19.4 trillion set for it in the 2024 Appropriation Act.
  
In the Senate, drama ensued as the lawmakers scrutinised the Ministry of Housing over its N92 billion contractor debt and alleged lack of project visibility under its 2024 budget performance.
  
In a landmark session at the National Assembly yesterday, lawmakers set a bold 2025 target of N25 trillion for FIRS after commending it for exceeding its 2024 revenue target.
  
The reported achievement of FIRS last year drew widespread commendation from members of the Joint Finance Committee of the National Assembly. During a presentation by the FIRS boss on the agency’s performance and future projections, the National Assembly’s joint Committee on Finance proposed a N25 trillion target for FIRS in the 2025 fiscal year.
  
Deputy Chairman of the House Committee on Finance, Saidu Abdullahi, described the agency’s performance as unprecedented and very wonderful.
 
 “Surpassing the revenue collection target from N19.4 trillion to N21.6 trillion in 2024 is a feat worthy of commendation,” Abdullahi stated while urging FIRS to explore South Africa’s tax collection model.
  
He noted that despite its population of about 54 million, South Africa generates more tax revenue than Nigeria, which boasts a population of over 200 million.
  
The senator emphasised the need to widen the tax net by including more individuals and businesses from the informal sector, a sentiment echoed by several lawmakers. While praising the FIRS’s 2024 accomplishments, Sen Joel-Onowakpo Thomas (Delta South) advocated an even more ambitious target for 2025.
  
“Taxes are the way to go globally. We must deepen the tax collection process through planned reforms,” he said suggesting a N30 trillion revenue target.
  
Similarly, Etanabene Benedict of the House of Representatives suggested a bold leap to N60 trillion, arguing that robust tax collection would reduce Nigeria’s reliance on borrowing to fund the budget.
  
However, the committee settled on a more realistic but ambitious target of N25 trillion for the 2025 fiscal year. Lawmakers pledged their full support for the reform initiatives of FIRS, emphasising the importance of innovative strategies to sustain and exceed current revenue levels.
  
Sen Binos Yeroe (Adamawa South) commended Adedeji for his leadership and innovative approach, urging him to sustain the momentum. “Your performance in 2024 was highly commendable. I urge you to keep it up,” Yeroe said.
  
In their final remarks, the Senate committee chairperson, Sani Musa, and his House counterpart, James Faleke, urged the FIRS to treat the N25 trillion target as achievable.
  
“Work with the N25 trillion projected revenue set for 2025. It is achievable and even surpassable,” Musa stated.

The Senate Committee on Housing and Urban Development became a hub of accusations and counter- arguments, yesterday, as lawmakers scrutinised the Ministry of Housing over its N92 billion contractor debt and alleged lack of project visibility under its 2024 budget performance.
  
Setting the ball rolling, Sen Abdul Ningi (PDP, Bauchi Central) lambasted the ministry for failing to deliver tangible housing projects in Bauchi State and other regions.
  
“This is music to our ears,” Ningi declared, expressing disbelief at the ministry’s claims of constructing 7,522 housing units nationwide, of which 3,388 have been completed. “I’ve been a senator for over a year, and I’ve never seen or heard of these projects in my constituency. Are these housing units a reality for Nigerians or just on paper?”
  
He also questioned the ministry’s transparency, citing N22.6 billion unaccounted for from the 2023 supplementary budget. “How can we approve the 2025 budget when the 2024 allocations remain unfulfilled?” Ningi asked, demanding clarity on project locations and financial accounting. Sen Jimoh Ibrahim (APC, Ondo South) countered Ningi’s criticism, defending the ministry’s performance and project timelines.
  
“You don’t acquire land, do surveys and build houses in one day,” Ibrahim argued. “The ministry was granted an extension for capital projects in 2024. Let’s wait before dismissing their efforts.”
  
However, his remarks raised dust, with senators accusing him of acting as a spokesperson for the ministry rather than letting its representatives respond. Many senators highlighted the plight of 6,455 contractors owed N92 billion by the ministry. Sen Osita Ngwu (PDP, Enugu West) lamented the financial struggles of contractors who borrowed funds to execute government projects.
  
“These hardworking Nigerians have been abandoned and rendered useless because the ministry failed to honour its obligations,” Ngwu said, calling for a special intervention fund to clear the backlog.
  
Amid the heated exchanges, the Chairman of the Committee, Sen Aminu Tambuwal, intervened, criticising the ministry’s lack of preparedness and ordering its representatives to return on Monday with detailed reports.
  
“This committee will not tolerate half-baked presentations,” Tambuwal stated. “You must come back with comprehensive data on project locations, financial breakdowns, and plans to address contractor debts.”