FIRS, Security Agencies Synergise to Boost Revenue Generation
- The Federal Inland Revenue Service (FIRS) has begun moves to boost Nigeria’s revenue generation
- The service reaffirmed its commitment to forging strategic collaborations with security agencies to enhance tax collection and enforcement.
- This was disclosed during a security briefing and parley involving top FIRS officials and law enforcement agencies
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Federal Inland Revenue Service (FIRS) has reaffirmed its commitment to fostering strategic collaborations with security agencies to enhance tax collection and enforcement.
This was disclosed during a security briefing and parley involving top FIRS officials and law enforcement agencies.
Source: Getty Images
FIRS seeks partnership for tax collection
Gregory Wilfred Asuquo, Director of Security, Safety, and Fleet Management at FIRS, highlighted the critical role of security agencies in achieving the organisation’s ambitious tax targets.
“One thing we’ve come to understand is that we cannot do it alone. We need stakeholders across the board to work together with us. Tax has become a major pillar of Nigeria’s economy, and achieving our mandate requires a unified approach,” he stated.
Asuquo identified intelligence sharing and continuous engagement as core strategies for enhancing tax compliance.
“We’re focusing on data collation, information sharing, and enforcement to reduce non-compliance. FIRS’ strategic pillars hinge on leveraging technology and people to drive compliance,” he added.
Garba Muazu, Acting Director of the Tax Investigation and Enforcement Department, emphasised the legal framework underpinning FIRS’ collaborative efforts.
“The FIRS Establishment Act mandates collaboration with law enforcement agencies for information exchange and resource mobilisation. No nation progresses without such partnerships,” he explained.
Muazu further revealed FIRS’ ambitious revenue target for 2025, pegged at a record ₦47 trillion, a significant increase from the current year’s ₦19.4 trillion target.
“The 2025 budget relies heavily on FIRS to generate revenue to fund the three tiers of government. Under the leadership of our Executive Chairman, Zacch Adedeji, we aim to minimise deficit financing through robust tax collection,” he stated.
Security agencies are critical in revenue collection
The security conversation also underscored the importance of reducing tax evasion through advanced technological solutions. “We’re evolving towards self-assessment, where taxpayers understand their obligations. This approach, combined with our data collation efforts, will significantly curb evasion,” Asuquo noted.
As the Nigerian economy grapples with rising fiscal demands, the collaboration between FIRS and security agencies is expected to play a pivotal role in meeting the country’s revenue goals.
The continued focus on intelligence sharing and stakeholder engagement signals a proactive approach to addressing tax challenges and funding national development.
FIRS highlights how wealthy Nigerians, companies evade tax
Legit.ng earlier reported that according to the FIRS wealthy Nigerians and corporations understate their holdings, depriving the federal and state governments of tax revenues.
This information was revealed by Johannes Wojuola, the Special Assistant for Media and Communication to the Executive Chairman of FIRS, during a courtesy visit by the FIRS team to The Guardian's corporate headquarters in Lagos.
Recall that Legit.ng earlier reported that FIRS collected a total tax revenue of N5.5 trillion for a six-month period from January to June 2023.
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Source: Legit.ng
