The Federal Inland Revenue Service (FIRS) has exceeded its revenue projections for 2023 by N816 billion and achieved a 107% performance over its set target.
This announcement came during the 2024 management retreat, where the Coordinating Director of Special Tax Operations Group, Amina Ado, unveiled the remarkable feat.
The FIRS, buoyed by its unprecedented success, has set an ambitious target of N19.4 trillion in tax collection for the current fiscal year.
This audacious goal reflects a substantial 56.9% increase from the actual revenue generated in the previous year and a formidable 67.91% surge from the initial target.
Ado highlighted strategic approaches the agency intends to deploy to reach the N19.4 trillion mark, emphasizing collaboration with other regulators, tax practitioners, and intermediaries.
Leveraging the withholding concept and expanding the tax base within the confines of the law are pivotal strategies envisioned by the FIRS to curtail revenue leakages and ensure compliance.
Furthermore, the agency plans to enhance service delivery to taxpayers while intensifying efforts to enforce compliance and prosecute defaulters rigorously.
Ado reiterated the FIRS’s commitment to improving its management of large taxpayers and sector contributors, underscoring their vital role in revenue generation.
The FIRS’s phenomenal revenue growth trajectory underscores the efficacy of administrative and policy reforms implemented in recent years.
The agency’s adoption of innovative approaches, such as automation of tax collection processes and utilization of third-party data for enhanced tax intelligence, has been instrumental in driving revenue collection to unprecedented heights.
With Nigeria’s economic landscape evolving amidst global uncertainties, the FIRS remains resolute in its commitment to national duty, poised to navigate challenges and surpass expectations in revenue mobilization.