FIRS generates N3.94trn revenue in Q1, 2024
The Executive Chairman, Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji has disclosed that the service generated a total of N3.94 trillion in tax revenue in the first quarter of the year (Q1 2024).
Adedeji gave the figures while receiving the leadership of the Chartered Risk Management Institute of Nigeria (CRMI) of Nigeria, led by its President/Chairman, Governing Council, Dr. Ezekiel Oseni, on a courtesy visit to the FIRS Headquarters in Abuja.
He said the performance in Q1 represented 56.7 percent increase over the figure recorded in the corresponding quarter of 2023.
Represented at the meeting by his Chief of Staff, Mr. Tayo Koleosho, Adedeji said the service under his watch, remained committed to intensifying efforts in the remaining part of the year towards meeting its ambitious N19.4 trillion target for 2024.
He said, “Over the years through the various administrations, the service has maintained its mandate of generating revenue and meeting government’s targets.
“We will continue to make giant strides and we take pride in meeting and surpassing our revenue collection targets for the federation with constant collaboration with stakeholders like the CRMI.
“We have resolved to create an environment of growth by removing every obstacle in the way of corporate entities and ensure a tax administration that is friendly, customer-centric and ready to help businesses to bear more fruits.”
Addressing journalists, Oseni said part of the reasons for the visit was to invite the FIRS to become its Council member, “just like we have the Central Bank of Nigeria (CBN) and other reputable institutions like the Federal Ministry of Education.”
He said imbibing risk practices would help the service in its mandate of tax administration, as well as impact positively on businesses and economy in general.
Oseni said, “So, with risk management, it would be easier for them to identify the loopholes and also be able to mitigate the risk that could emanate from those loopholes.
“Being a risk management practitioner, it’s necessary for them to embrace risk management in respect of their profession. Even in tax collection, you need to be risk conscious.”
He added that adherence to risk practices will improve revenue by plugging the loopholes that people could take undue advantage of, to either evade tax or avoid tax altogether.
The CIRM boss said, “By the time you identify these loopholes, you will be able to see how you can manage them even before you amend the law and be able to minimise, the abuse of these kind of loopholes that tax evaders and people that avoid taxes can take undue advantage of. So, it’s going to help them to improve tax collection.”
