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The Federal Inland Revenue Service (FIRS) generated N21.6 trillion as tax revenue in 2024, exceeding the target of N19.4 trillion by N2.2 trillion. The revenue performance represents 112 per cent of the set target for 2024 and N9.36 trillion or 76 per cent higher than revenue collected in 2023.

Chairman of the tax authority, Dr Zacch Adedeji, made the disclosure in Abuja on Thursday at the opening of a two-day strategic management retreat of the agency.

Adedeji attributed the increased tax revenue collection to the enabling environment provided by President Bola Tinubu, the internal reforms introduced at the FIRS as well as the dedication and professionalism displayed by staff of the agency.

A statement by Special Adviser on Media to Adedeji, Dare Adekanmbi, said that based on the upward trajectory of tax revenue, particularly under Adedeji, a higher target of N25.2 trillion has been set for FIRS in 2025.

“We closed the chapter of 2024 with an achievement that will forever be recorded in the history of FIRS: the record-breaking collection of N21.6 trillion in tax revenue, surpassing our target of N19.4 trillion.

“This was no small feat. It was the result of your resilience, professionalism, and dedication, coupled with visionary leadership and a strategic focus on the pillars of people, technology and processes.

“But let me remind you that this success is not just ours to celebrate. The FIRS is more than a revenue authority; it is a cornerstone of our nation’s economic stability, a vital pillar upholding Nigeria’s progress, and an agent of renewed hope for all Nigerians,” Adedeji said.

The Coordinating Director of Large Taxpayers Group, Amina Ado, said the contribution of non-oil taxes to the revenue pool grew by 97 per cent, just as there was a significant increase in debt recovery in 2024.

She said all non-oil tax types like the company income tax (CIT), value-added tax (VAT) and others exceeded their target, with tax from oil being the only tax type that performed below expectation due to lower crude output of 1.55 million barrels per day instead of 1.78 million bpd.

Ado, however, said despite low oil production, the oil tax went up by 35 per cent compared to what it contributed to the pool at the end of 2023. She highlighted how the quick resolution and increase in the number of audit cases from 4, 980 in 2023 to 8, 046 in 2024 contributed to the high revenue performance in 2024.

The coordinating director expressed optimism that the 2025 target would be achieved with active collaboration, adding that “The big betting companies are in our tax net already and we are working on getting more so as to expand the net.”

Minister of State for Finance, Doris Uzoka-Anite, described FIRS as “the most important organisation in Nigeria today as “anything we want to do is anchored on revenue”.

“It is important that the morale of the workers is boosted. When we came, we declared an emergency in revenue. That was when he was special adviser on revenue,” she said.