ABUJA- THE National Assembly has hailed the Executive Chairman of Federal Inland Revenue Service, FIRS, Zacch Adedeji, for surpassing the revenue collection target of N19.4 trillion in 2024 to N21. 6trillion. The commendation came yesterday, after Adedeji’s presentation before the Joint Senate and House of Representatives Committee on Finance, led by Senator Sani Musa, APC, Niger East, at a session on revenue collection performance of the agency in 2024 and projection for 2025.
Consequently, the National Assembly, through its joint finance committee, has proposed N25 trillion tax collection or revenue generation target for FIRS in 2025 fiscal year.
In his commendation, the Deputy Chairman, House of Representatives Committee on Finance, Saidu Musa Abdullahi, who described the performance as unprecedented, said: “The feat attained by FIRS on revenue collection or generation in 2024 was unprecedented and a very wonderful one, worthy of commendation.
“That you surpassed the target set for the agency in the 2024 Appropriation Act from N19.4trillion to N21.6trillion is very cheering and encouraging.”
Abdullahi urged the FIRS boss to understudy the template being used in South Africa which, according to him, generates revenue from tax collections far above that of Nigeria, even with a smaller population of about 45 to 54million people, compared to Nigeria’s 200million population.
“We shall give you total support on your tax reform but you need to bring in more number of taxable citizens into the net from the informal sector,’’ the lawmaker said.
Also hailing FIRS for surpassing projected tax revenue in 2024, Senator Joel-Onowakpo Thomas, said taxes all over the world were the way to go.
According to him, this is the very reason FIRS must deepen the process through planned reforms.
He suggested that the committee increased projected revenue for the FIRS in 2025 to N30trillion.
On his part, Senator Binos Yeroe, who also commended the FIRS boss for the initiatives and innovations deployed in surpassing tax collection revenue target in 2024, said: “Your performance in 2024 is highly commendable and wish you keep it up.”
Similarly, Etanabene Benedict of the House of Representatives said: “If we do well on tax collections or revenue generation, we will not borrow to fund our budget.
‘’Going by the feat attained by FIRS in 2024, I urge this committee to project N60trillion tax collection or revenue generation for it in 2025.”
However, chairmen of the committee in their separate closing remarks, told the FIRS boss that the N25trillion projected for the agency in 2025 was what he should work with and, possibly surpassed as done in 2024.
The co-chairman of the committee, Senator Sani Musa said : “FIRS should work with the N25trillion projected revenue set for it in 2025 . It is achievable and even surpassable.”
Vanguard