FIRS Targets N19.4trn Revenue in 2024

The Federal Inland Revenue Service, FIRS surpassed its 2023 revenue target by N816bn, a 107 per cent performance over the set goal and has set a target to collect N19.4 turn in tax this year.

The Coordinating Director of Special Tax Operations Group, Amina Ado, disclosed this at the 2024 management retreat on Wednesday.

The Federal Government expects N19.41trn revenue from the FIRS in 2024.

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 had a target of N11.56trn however, it realised N12.37trn, an N816bn higher in 2023.

While stating the strategy the agency will deploy to achieve the  N19.4trn revenue, Ado noted that the agency engaged with other regulators in 2023 to achieve its success and will continue to engage them, other tax practitioners and intermediaries this year.

She added that the FIRS will ensure its service delivery to taxpayers is improved while it will reorganise ligation and prosecution to make sure those who are not compliant will be brought to book.

The FIRS also recorded a 21.7 per cent increase in its 2022 revenue of N10.18trn. The projected revenue increase trend has been maintained between 2019 and 2023.

According to the Coordinator, Company Income tax topped the list as the most collected tax for the year as it makes up 36.14 per cent of the total taxes collected in 2023, It is followed by Value Added Tax of N3.64 trn and Petroleum Profit Tax of N3.17 trn.

The data shows that the Federal Government expects more taxes from the oil sector, about N9.96trn this year. This is about 214.2 per cent of what was generated from this tax form last year.