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FIRS EXCEEDS 2023 TARGET, GENERATES N12.374TRN

The Federal Inland Revenue Service (FIRS) has announced the collection of N12.374 trillion as tax revenue for the federation in 2023, surpassing the year’s target of N10.7 trillion by N1.67 trillion.

FIRS has a N19.4 trillion tax revenue target for 2024, a mark the chairman, Dr Zacch Adedeji, said is achievable with an effective tax collection system in place in a viable economic environment for businesses to prosper.

This target represents a significant increase of 56.9 per cent from the previous year’s actual revenue and 67.91 per cent from the previous year’s target.

FIRS said the increase in non-oil tax revenue for 2023 as against previous years came as a result of improved efficiency in tax collection.

Ahead of the set goals for 2024, Mr Adedeji said “We will focus on the fruits and not the seeds. We need to ensure we have that viable economic environment that will lead to economic prosperity. And for us at FIRS, it is just to put the system in place to aid effective collection.

“We are not a revenue-generating agency, but a revenue-collection agency. With the plan of President Bola Tinubu to rejuvenate the economy, companies are going to grow and prosper.”

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