Some Nigerians refer to the current president, Bola Ahmed Tinubu, as a man who knows how to raise revenue for his administration. Now, as the curtains closed on 2024, the Federal Inland Revenue Service (FIRS) had a remarkable milestone to celebrate—a record-breaking ₦21.6 trillion in revenue.
It was a staggering 76% leap from the ₦12.47 trillion collected in 2023, far exceeding the ₦19.4 trillion target set for the year.
Speaking at the agency’s strategic retreat in Abuja, FIRS Executive Chairman, Zacch Adedeji, credited this success to a combination of administrative and policy reforms.
Specifically, these included automation, the introduction of TaxPro-Max, the expanded use of withholding tax, improved debt collection, and key organisational restructuring.
Furthermore, policy changes such as VAT and education tax adjustments, along with the impact of a higher exchange rate and inflation, also contributed to the revenue boost.
“As a result, 2024 was pivotal in transforming FIRS into a globally recognised, efficient, and trusted revenue authority,” Adedeji stated.
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He described the achievement as historic, firmly positioning FIRS as a cornerstone of Nigeria’s economic growth.
Looking ahead, the agency has set an ambitious ₦25.2 trillion revenue target for 2025.
To achieve this, Adedeji emphasised the importance of strengthening internal operations, investing in workforce development, and leveraging technology to drive compliance and efficiency.
“In summary, our mission this year is both ambitious and transformative,” he affirmed.
With continued strategic reforms and innovation, FIRS aims to sustain its upward trajectory, further reinforcing its role in Nigeria’s economic progress.
