FG Sets N19.4trn Revenue Target For FIRS As Nigerians Paid N12.3trn Tax In 2023

The federal government has set a tax revenue target of N19.4trn for the Federal Inland Revenue Service in the 2024 fiscal period.

The amount represents an increase of over N9trn when compared to the N10trn target set for the FIRS in the 2023 period.

It is also N7trn higher than the N12.3trn which the Service generated in 2023.

The target was revealed on Wednesday in Abuja at the 2024 strategic management retreat of the FIRS.

According to the FIRS, oil revenue target was N9.960trn, which is higher by 214 per cent than the N3.172trn actual revenue in 2023.

On the other hand, non-oil revenue target was N9.453trn in 2024 as against the N9.202 in 2023.

Oil revenue contributed only 25.6 per cent of 2023 revenue while 2024 Medium Term Expenditure Framework target anticipates 51 per cent contribution by OIl.

The event with the theme, “Re-imagining tax administration foe equity and economic growth,” was declared open by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

The FIRS Executive Chairman, Zacch Adedeji, said the target is achievable with the series of reforms being implemented by the Service.

He said, “Our focus is to drive for long-term compliance. And in a few minutes now, by those rules, we have the new structure that we have.
And what we’ve done in general is to move from functional or type of taxi units to customer-centred.

“And we want to use that to drive compliance because the focus cannot be on investigation. The real strategy is to drive compliance and the way to do it is that there will always be consequences for no compliance.

“So, our focus is not to go and tax the informal sector. Our focus is actually to bring the informal sector to the sector. The focus should not be let’s go and tax informal. The focus should be to move the informal sector to the formal sector, improve their skill and then we can then tax them.”