The Nigerian government has established a tax revenue goal of N19.4tn for 2024, following the Federal Inland Revenue Service’s successful collection of N12.37tn in 2023, surpassing the initial target of N10.7tn.
Dr. Zacch Adedeji, FIRS Chairman, attributes the achievability of the new target to an efficient tax collection system and a conducive business environment.
Oil revenue constitutes 25.6%, totaling N3.17tn, while non-oil revenue comprises 74.4%, reaching N9.2tn.
The agency, during a strategic management retreat, highlighted the importance of a robust economic setting for prosperous tax collection.
FIRS aims to focus on taxing prosperity, not poverty, and collaborate with President Bola Tinubu’s economic revitalization plan.
Minister of Finance, Mr. Wale Edun, emphasized the need for increased tax revenue, acknowledging FIRS’s progress but urging further efforts.
Accountant-General Dr. Oluwatoyin Madein commended FIRS for contributing 70% of the federation’s total revenues.
President Tinubu outlined a goal to raise the revenue-to-GDP ratio from less than 10% to 18% through tax and fiscal policy reviews, aiming to contain financial leakages.