In a landmark session at the National Assembly on Wednesday, lawmakers set a bold new target of N25 trillion for 2025 for the Federal Inland Revenue Service (FIRS) after commending it for exceeding its 2024 revenue target.
The FIRS, led by its Executive Chairman, Mr. Zacch Adedeji, reported a record-breaking revenue collection of N21.6 trillion in 2024, surpassing its target of N19.4 trillion outlined in the 2024 Appropriation Act. This achievement drew widespread commendation from members of the Joint Finance Committee of the National Assembly.
Deputy Chairman of the House Committee on Finance, Saidu Musa Abdullahi, described the FIRS performance as “unprecedented” and a “very wonderful achievement.”
“Surpassing the revenue collection target from N19.4 trillion to N21.6 trillion in 2024 is a feat worthy of commendation,” he stated.
Abdullahi also urged the FIRS to explore South Africa’s tax collection model, noting that despite its smaller population of about 54 million, it generates more tax revenue than Nigeria, which boasts a population of over 200 million.
He emphasized 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, Senator Joel-Onowakpo Thomas (Delta South) advocated for 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 while suggesting an N30 trillion revenue target.
Similarly, Etanabene Benedict 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 FIRS’s tax reform initiatives, emphasizing the importance of innovative strategies to sustain and exceed current revenue levels.
Senator Binos Yeroe (Adamawa South) commended Adedeji for his leadership and innovative approach, urging him to maintain the momentum.
“Your performance in 2024 was highly commendable. I urge you to keep it up,” Yeroe said.
In their final remarks, committee chairpersons Senator Sani Musa and Hon. James Faleke urged the FIRS to treat the N25 trillion target as achievable and potentially surpassable.
“Work with the N25 trillion projected revenue set for 2025. It is achievable and even surpassable,” Senator Musa stated.
The session underscored the National Assembly’s commitment to supporting FIRS in its tax reforms and revenue generation efforts, with lawmakers expressing optimism about achieving fiscal sustainability through improved tax collection.
If the FIRS continues on its upward trajectory, 2025 may mark another milestone in Nigeria’s drive toward economic self-reliance.
