The Federal Inland Revenue Service (FIRS) has announced a record-breaking N21.6 trillion revenue for 2024, a 76% increase from the N12.474 trillion collected in 2023. The remarkable growth was primarily driven by non-oil taxes, which contributed 73.4% of total revenue and exceeded targets by 28%.
This achievement surpasses the agency’s N19.4 trillion revenue target for 2024, marking the highest revenue collection in Nigeria’s history. Buoyed by this success, FIRS has now set an ambitious N25.2 trillion target for 2025, with confidence in exceeding it.
Speaking at the FIRS Strategic Management Retreat in Abuja, Zacch Adedeji, Executive Chairman of FIRS, attributed the revenue surge to key administrative and policy reforms, including:
• Automation and digitalization of tax processes
• Introduction of TaxPro-Max, an e-tax system
• Use of third-party data for tax intelligence
• Expanded implementation of Withholding Tax
• Improved debt collection strategies
• Revisions to VAT and education tax rates through Finance Acts
Adedeji also highlighted that higher exchange rates and inflation played a role in boosting tax revenue.
“The year 2024 was pivotal in laying a solid foundation for transforming the Federal Inland Revenue Service into a globally recognized, efficient, and trusted revenue authority,” he said.
Looking ahead, FIRS plans to consolidate its internal strengths, focusing on workforce development, operational excellence, and innovative technology to sustain its momentum.
“This year, our mission is both ambitious and transformative,” Adedeji affirmed, signaling the agency’s commitment to sustaining Nigeria’s economic progress.
With FIRS surpassing expectations in 2024, all eyes are now on how the agency will implement its strategies to achieve another record-breaking revenue year in 2025.
Stay tuned for updates on Nigeria’s tax and economic policies.
