The Federal Inland Revenue Service (FIRS) has set its sights on a new revenue target of N25 trillion for the 2025 fiscal year, a bold ambition following a record-breaking performance in 2024.
This ambitious goal was set during a landmark session at the National Assembly on Wednesday, where lawmakers commended the FIRS for exceeding its 2024 revenue target of N19.4 trillion.
The FIRS, under the leadership of Executive Chairman Zacch Adedeji, reported a remarkable N21.6 trillion in revenue collection for 2024, surpassing its target by a significant margin. This achievement drew widespread praise from members of the Joint Finance Committee of the National Assembly.
“Surpassing the revenue collection target from N19.4 trillion to N21.6 trillion in 2024 is a feat worthy of commendation,” stated Saidu Musa Abdullahi, Deputy Chairman of the House Committee on Finance, describing the FIRS’s performance as “unprecedented” and a “very wonderful achievement.”
Lawmakers, while applauding the FIRS’s success, emphasized the need to further expand the tax net. Abdullahi, drawing a comparison to South Africa, noted that despite a smaller population, South Africa generates more tax revenue than Nigeria.
“We must widen the tax net by including more individuals and businesses from the informal sector,” he urged. This sentiment was echoed by numerous lawmakers.
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The discussion on future targets saw a range of ambitious proposals. Senator Joel-Onowakpo Thomas (Delta South) suggested an N30 trillion target, stating, “Taxes are the way to go globally. We must deepen the tax collection process through planned reforms.”
Etanabene Benedict went even further, proposing a bold N60 trillion target, arguing that robust tax collection would significantly reduce Nigeria’s reliance on borrowing to fund its budget. While these ambitious figures were discussed, the committee ultimately settled on the N25 trillion target for 2025.
Lawmakers pledged their full support for the FIRS’s tax reform initiatives. Senator Binos Yeroe (Adamawa South) commended Adedeji for his leadership and innovative approach, urging him to “keep it up.”
The session concluded with a strong message of support and encouragement. “Work with the N25 trillion projected revenue set for 2025. It is achievable and even surpassable,” stated Senator Sani Musa, Chairman of the Senate Committee on Finance.
The National Assembly’s support for the FIRS and its ambitious revenue targets underscores a growing commitment to fiscal sustainability. If the FIRS continues on its upward trajectory, 2025 could mark a significant milestone in Nigeria’s journey towards economic self-reliance.
