FIRS Unveils Strategy to Achieve N25.2 Trillion Tax Revenue Target in 2025
- Federal Inland Revenue Service (FIRS) has set a revenue target of N25.2 trillion to be raised from taxation
- The tax administrative body has also released its strategy to achieve this target in 2025, just like it did in 2024
- Recall that the FIRS surpassed its 2024 target by 11.34%, raking in a total of N21 trillion from taxes
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Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
The Federal Inland Revenue Service (FIRS) has finally released the breakdown of its strategy to achieve the N25.2 trillion revenue target in 2025.
The National Assembly Joint Committee on Finance announced this revenue target of N25.2 trillion for the FIRS on January 15, 2025, after commending them for successfully surpassing last year’s target.
FIRS recorded a total revenue of N21.6 trillion in 2024, surpassing the target of N19.4 trillion by an impressive 11% and setting a new record for the service.
Source: UGC
Since then, the team led by Executive Chairman of FIRS, Zacch Adedeji went back to draw up a strategy to meet this target.
FIRS announces N21.6 trillion revenue in 2024
FIRS in 2024 raked in total revenue of N21.6 trillion, well above its N19 trillion target. The tax body received much commendation for this feat.
Mr. Adedeji explained that the body will be building on its 2024 strategy to get a more comprehensive plan for 2025.
FIRS strategy to collect N25.2 trillion tax revenue
Speaking at the 2025 strategic management retreat titled ‘Building a high-performing FIRS: elevating performance through collaboration and innovation,’ in Abuja on Thursday, Adedeji noted that the strategy is now set for implementation.
According to The Cable report, he reminded the team that FIRS holds a vital pillar in President Bola Tinubu’s Renewed Hope agenda for Nigerians, and must carry out its task with momentum and zeal.
Adedeji noted that the 2024 achievement was a product of resilience and professionalism from the workforce, and 2025 will surpass the record with a clear vision and roadmap that will consolidate operational excellence.
Adedeji stated:
“This year, our mission is both ambitious and transformative: to build a service of excellence defined by the expertise of our people, the modernization of our facilities, and the innovative use of technology to enhance our processes.”
Modern tools to boost tax revenue
Zacch Adedeji noted that the 2025 roadmap is hinged on capacity building and training; infrastructure and facility enhancement; and Technological advancement.
He explained that the workforce will be trained to global standards, even as FIRS continues to revitalize its workspaces to reflect its status as a world-class institution and enhance productivity.
Adedeji noted that technology will drive the expansion of the integrated tax administration systems and unify platforms to create a seamless and transparent process.
Companies that pay the highest taxes
In related news, Legit.ng recently reported a list of the highest corporate taxpayers in 2024. The list revealed that 21 companies listed on the Nigerian Exchange Limited (NGX) paid N1.56 trillion in taxes to Federal Inland Revenue (FIRS) and other revenue agencies in nine months of 2024.
Dangote Cement was at the top of the list with N128.7 billion paid as income taxes in the first nine months of 2024.
Others include MTN Nigeria, Seplat Energy, FBN Holdings, Stanbic IBTC Holdings, and Nestle Nigeria.
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Source: Legit.ng
