The National Assembly has raised the Federal Inland Revenue Service’s (FIRS) revenue target for 2025 to N25 trillion, commending the agency’s impressive performance in exceeding the 2024 benchmark of N19.4 trillion.
This development was disclosed on Wednesday during a session with the Joint Senate and House of Representatives Committee on Finance, chaired by Senator Sani Musa. The Committee acknowledged FIRS’s outstanding efforts and encouraged the agency to intensify its efforts to boost the nation’s revenue, emphasizing Nigeria’s potential for self-sustainability.
Deputy Chairman of the House Committee on Finance, Hon. Saidu Musa Abdullahi, described the FIRS’s 2024 revenue generation as historic and unprecedented.
He said, “The feat attained by FIRS on revenue collection in 2024 was both historic and extraordinary. Surpassing the N19.4 trillion target to generate N21.6 trillion is a remarkable achievement worthy of commendation.”
Abdullahi further advised the FIRS Chairman, Zacch Adedeji, to study South Africa’s tax model, which generates significantly higher revenue despite its smaller population of 45–54 million compared to Nigeria’s 200 million. He stressed the need to incorporate more citizens from the informal sector into the tax net.
Senator Joel-Onowakpo Thomas (Delta South) emphasized the global importance of taxation as a sustainable revenue source, urging FIRS to enhance its tax reform efforts. He proposed increasing the 2025 revenue target to N30 trillion.
Similarly, Senator Binos Yeroe (Adamawa South) praised the FIRS’s innovative strategies, saying, “Your performance in 2024 was highly commendable, and I hope you continue to excel.”
Hon. Etanabene Benedict added that improved tax collections could reduce the nation’s reliance on borrowing to fund budgets. He suggested a more ambitious revenue target of N60 trillion for 2025, citing the FIRS’s proven capabilities.
Despite these suggestions, the Committee Chairs emphasized that the approved target for 2025 would remain at N25 trillion, urging FIRS to replicate its 2024 success.
Senator Sani Musa stated, “FIRS should work with the N25 trillion projected revenue target for 2025. It is both achievable and surpassable.”
