The National Assembly has increased revenue target to be generated by the Federal Inland Revenue Service, FIRS, for 2025 to N21.6 trillion, while the Chairman of the Service, Zacch Adedeji was commended for surpassing the benchmark of N19.4 trillion for last year.
The performance of the FIRS was revealed on Wednesday at a session with the Joint Senate and House of Representatives Committee on Finance chaired by Senator Sani Musa.
At the backdrop of the impressive performance, the Committee further set a revenue target and urged the FIRS to work harder to generate more funds for the nation, stressing that the nation has what it takes for self-sustainability.
The Deputy Chairman, Reps Committee on Finance, Hon. Saidu Musa Abdullahi who commented on the 2024 budget performance of FIRS described the revenue generation as historic and unprecedented.
He said: “The feat attained by FIRS on revenue collection or generation in 2024 was historic and unprecedented and a very wonderful one, worthy of commendation.
“That you surpassed the target set for the agency in the 2024 Appropriation Act, from N19.4 trillion to N21.6trillion, is very encouraging”, he said.
He, however, urged the FIRS boss to understudy the template being used in South Africa, which according to him, generates revenue from tax collections far above that of Nigeria despite having a smaller population of about 45 to 54 million people when compared to the 200 million population in Nigeria.
“We shall give you total support on your tax reform but you need to bring in more taxable citizens into the net from the informal sector”, he said.
Also commending FIRS for surpassing projected tax revenue in 2024, Senator Joel-Onowakpo Thomas (Delta South) said taxes all over the world is the way to go, the very reason FIRS must deepen the process through planned reform.
He suggested that the committee should increase projected revenue for FIRS in 2025 to N30 trillion.
Senator Binos Yeroe (Adamawa South), also commended the FIRS boss for the initiatives and innovations deployed in surpassing tax collection revenue target in 2024.
“Your performance in 2024 was highly commendable and I hope you keep it up”, he said.
Hon Etanabene Benedict added to the commendation galore for the FIRS boss in his remarks by saying “If we do well on tax collections or revenue generation, we will not borrow to fund our budget.
“Going by the feat attained by FIRS in 2024, I urge this committee to project N60 trillion tax collection or revenue generation for it in 2025”.
However, the Chairmen of the committee in their separate closing remarks, told the FIRS boss that the N25 trillion projected for the agency in 2025 is what he should work with and possibly surpass it as done in 2024.
Senator Sani Musa said: “FIRS should work with the N25 trillion projected revenue set for it in 2025. It is achievable and even surpassable.”
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