- The Federal Inland Revenue Service generated N21.6 trillion in revenue in 2024, surpassing its target for the year
- FIRS said it will sustain the momentum of its achievements in 2025
- The National Assembly set a revenue target of N25 trillion for the FIRS in 2025
The Federal Inland Revenue Service (FIRS) says it generated a record-breaking N21.6 trillion in revenue, surpassing its 2024 target of N19.4 trillion.
The Executive Chairman of FIRS, Zacch Adedeji, disclosed this during the 2025 strategic management retreat in Abuja, with the theme, ‘Building a High-performing FIRS: Elevating Performance Through Collaboration and Innovation,’ on Thursday, January 30.
At the management retreat, designed to discuss key focus areas to achieve the 2025 corporate plan, Adedeji said the FIRS set a revenue target of N19.4 trillion in 2024 but exceeded the target by 11.34 per cent, collecting N21.6 trillion.
He said, “Together, we closed the chapter of 2024 with an achievement that will forever be recorded in the history of the Federal Inland Revenue Service: the record-breaking generation of N21.6 trillion in revenue, surpassing our target of N19.4 trillion.
“This was no small feat. It was the result of your resilience, professionalism, and dedication, coupled with visionary leadership and a strategic focus on the pillars of people, technology, and processes.
“But let me remind you that this success is not just ours to celebrate. The FIRS is more than a revenue authority; it is a cornerstone of our nation’s economic stability, a vital pillar upholding Nigeria’s progress, and an agent of renewed hope for all Nigerians.”
FIRS will sustain momentum in 2025 – Adedeji
The FIRS boss added that in 2025, the agency will sustain the momentum of its achievements in 2024 with renewed energy, a clear vision, and a meticulously designed roadmap.
He said, “This year, our focus will be on consolidating and institutionalising our internal strengths to ensure long-term resilience and operational excellence.
“This year, our mission is both ambitious and transformative: to build a service of excellence defined by the expertise of our people, the modernisation of our facilities, and the innovative use of technology to enhance our processes.”
Adedeji noted that the agency’s plan for 2025 will be hinged on three critical pillars.
He said the pillars include: “Capacity building and training: We will empower our workforce with the tools, knowledge, and skills needed to excel in modern tax administration.
“Through targeted, high-impact training programmes, aligned with global best practices, we will enable you to navigate complexities, embrace innovation, and provide stellar service to taxpayers.
“Infrastructure and facility enhancement: This year, we will continue to invest in revitalising our workspaces, ensuring they reflect the vision of a world-class institution.
“From modernised offices to sustainable practices, our facilities will serve as an environment that fosters excellence and productivity.”
NASS gave FIRS revenue target of N25 trillion in 2025
The National Assembly Joint Committee on Finance, on January 15, set a revenue target of N25 trillion for the FIRS for the 2025 fiscal year.
Recall also that the FIRS Chairman, during an interactive session between the Federal Government’s revenue-generating agencies and the National Assembly Joint Committee to review the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), told the committee that the FIRS realised N18.5 trillion of the N19.4 trillion revenue target for 2024.
He said N5.7 trillion was realised from Company Income Tax, which is more than the projected N4 trillion target. The FIRS also exceeded its target of N70 billion on education tax and raked in N1.5 trillion as of the end of September 2024.
Adedeji said, “All in all, out of N19.4 trillion targeted for the 2024 fiscal year, N18.5 trillion was realised as of the end of September.
“This clearly shows that the target will be far exceeded by the end of the year.”
FIRS plans incentives to engage Nigeria's informal sector
Meanwhile, TheRadar earlier reported that the Federal Inland Revenue Service (FIRS) is considering a range of incentives to engage those operating in the informal sector to enhance Nigeria’s tax system.
Zacch Adedeji, the Executive Chairman of FIRS, disclosed this in a statement during the Private Sector Stakeholders’ Engagement co-hosted by the Lagos Chamber of Commerce and Industry (LCCI) and FIRS, titled “Emerging Tax Matters” in Lagos on Wednesday, September 18.
