Nigeria: FIRS Plans to Generate N25 Trillion in 2024 – Official

FIRS says it plans to generate N7.5 trillion for the country in the remaining half of 2023.

The Federal Inland Revenue Service (FIRS) says it plans to generate a total of N25 trillion for the country in 2024.

It also said it plans to generate N7.5 trillion in the second half of this year.

This is contained in the presentation made by the FIRS Chairman, Muhammad Nami, at the meeting of the National Economic (NEC) on Thursday in Abuja.

The meeting held at the State House was chaired by Vice President Kashim Shettima.

“FIRS 2023 revenue projection for the second half of the year was put at N7.5 trillion and 2024 revenue projection at N25 trillion.

Council resolutions:

“Council commended the FIRS for its initiatives and reforms to boost revenue generation in the country, especially the projection of N25 trillion for the year 2024.

“Council encouraged States to utilise the peer review mechanism in the Nigerian Governors Forum and improve partnership with the Federal Inland Revenue Service to increase their internally generated revenue,” a statement by the VP media office said.

The statement said Mr Nami focused on major revenue reforms implemented between 2020 and 2023 and highlighted four key areas.

They include:

· Restructuring tax operations and administration

· Automation of tax administration and operational processes

· Creating a customer-focused service

· Creating a data-centric institution.

On Short-Term plans, the FIRS said it will

· Further automation of tax administration in FIRS

· Bring the informal sector into the tax net through partnership

· Intensify data streaming from industry regulators, MDAs, industry operators and treaty partners to improve compliance.

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