The National Assembly Joint Committee on Finance has set a revenue target of N25 trillion for the Federal Inland Revenue Service (FIRS) in the 2025 fiscal year.
The committee praised Dr. Zaccheus Adedeji, Executive Chairman of FIRS, and the agency for surpassing its 2024 target of N19.4 trillion by generating N21.6 trillion.
This announcement was made during an interactive session in Abuja with Dr. Adedeji and his management team.
Deputy Chairman of the House of Representatives Committee on Finance, Hon. Saidu Musa Abdullahi, commended the FIRS for its exceptional performance, describing the achievement as unprecedented. “Surpassing the N19.4 trillion target to reach N21.6 trillion is a remarkable accomplishment,” he said. Abdullahi also encouraged the FIRS to explore revenue generation models from South Africa, which, despite having a smaller population, collects more taxes than Nigeria. He urged FIRS to expand its tax base, especially in the informal sector.
Senator Joel Onowakpo Thomas (PDP – Delta South) also praised the agency, noting that tax revenue remains a critical source of national income globally. He suggested that the committee consider raising the 2025 revenue target to N30 trillion.
Senator Binos Yeroe (Adamawa South) similarly acknowledged the FIRS’s efforts and innovations in exceeding its 2024 target, urging continued success in the future.
Hon. Etanabene Benedict echoed these sentiments, suggesting that a successful tax collection effort would reduce the need for borrowing to finance the national budget. He proposed a much higher target of N60 trillion for 2025.
Despite these suggestions, the committee co-chairmen, including Senator Sani Musa, emphasized that the target for 2025 should remain at N25 trillion. Senator Musa expressed confidence that the FIRS could meet, and potentially exceed, this goal.