National Assembly has lauded the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, for exceeding the 2024 revenue collection target of N19.4 trillion, reaching N21.6 trillion.
The remarkable performance prompted the Joint Committee on Finance to propose an ambitious N25 trillion revenue generation target for FIRS in the 2025 fiscal year.
Deputy Chairman of the House of Representatives Committee on Finance, Saidu Musa Abdullahi, was the first to praise FIRS after the presentation, calling the achievement “unprecedented” and “worthy of commendation.”
He urged Mr. Adedeji to study South Africa’s tax collection model, which generates more revenue despite having a smaller population.
Abdullahi emphasized the importance of expanding the taxable base by including more individuals from the informal sector.
Senator Joel-Onowakpo Thomas (Delta South) also commended the FIRS for surpassing its revenue target in 2024, stating that taxes are critical for sustainable growth and urged FIRS to deepen reform efforts.
He suggested that the committee increase the 2025 projection to N30 trillion.Senator Binos Yeroe (Adamawa South) congratulated the FIRS for its innovative strategies in achieving its revenue target and encouraged the agency to continue the successful performance.Hon.
Etanabene Benedict, echoed the sentiments of his colleagues, emphasizing that a strong tax revenue base could reduce the need for borrowing to fund the national budget.
He proposed setting a N60 trillion target for FIRS in 2025, a suggestion that further underscored the agency’s potential for growth.In their closing remarks, the committee chairs expressed confidence in FIRS’s ability to meet and even surpass the N25 trillion target for 2025.
Senator Sani Musa affirmed that the target is achievable and encouraged the FIRS to aim higher.
This collective endorsement highlights the growing recognition of FIRS’s role in driving Nigeria’s fiscal reforms and ensuring sustainable economic growth.
RN
