The National Assembly Joint Committee on Finance on Wednesday praised the Federal Inland Revenue Service for exceeding its revenue target for 2024.
The FIRS had a target of N19.4 trillion but successfully generated N21.6 trillion.
Impressed by the performance, the committee recommended a N25 trillion tax collection target for the FIRS in the 2025 appropriation bill.
The Deputy Chairman of the House of Representatives Committee on Finance, Hon. Saidu Musa Abdullahi, called the FIRS’ performance unprecedented.
He 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 N19.4 trillion to N21.6 trillion is very cheering and encouraging.”
However, he urged the FIRS boss to study the revenue generation model used in South Africa, which, according to him, generates significantly more revenue from tax collections than Nigeria.
He pointed out that South Africa achieved this despite having a smaller population of 45 to 54 million, compared to Nigeria’s 200 million.
“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,” he said.
Meanwhile, the Chairman of the joint committee, Senator Sani Musa, said, “FIRS should work with the N25trn projected revenue set for it in 2025. It is achievable and even surpassable.”
