• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, July 31, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Federal Govt Targets 77% Increase In IGR

…Hinges higher revenue collection on restructured tax process

by Mark Itsibor
2 years ago
in Business
Wale Edun

Wale Edun

Share on WhatsAppShare on FacebookShare on XTelegram

The federal government is targeting a 77 per cent increase in Internally Generated Revenue (IGR) as it expresses hope that the newly integrated tax approach would help to achieve the self-imposed target of 18 per cent tax-to-GDP ratio from the current level of 10 per cent.

Advertisement

Minister of finance and coordinating minister of the economy Wale Edun said this in Abuja, at the opening of the 2024 Strategic Management Retreat of the Federal Inland Revenue Service (FIRS), yesterday.

“We are projecting a 77 per cent increase in IGR. Our revenue as a percentage of Gross Domestic Product (GDP) is low at below 10 per cent. It should be much higher.

“Government needs so much to spend on infrastructure and social services. The idea is to shift from expensive debts to domestic revenue mobilisation,” he said.

Edun premised the expectation on the newly restructured tax collection methodology of the Federal Inland Revenue Revenue (FIRS) which its chairman said was being tailored to specific taxpayer segments, with an aim to simplify the taxpayer experience. “No more complexities, no more overlaps—just a seamless and user-friendly interaction for every taxpayer,” Mr Zacch Adedeji had said while announcing the new decision in Abuja.

RELATED

Port Harcourt Refinery Not For Sale — NNPC

Port Harcourt Refinery Not For Sale — NNPC

16 hours ago
[EDITORIAL] The World Against Trafficking In Persons

EU Announces Extra €6m Support To Fight Human Trafficking In Nigeria

19 hours ago

Commending the process at a two-day retreat for management of the FIRS, the finance minister said “We do have a tax policy, fiscal policy and tax reform committee and the commitment of that committee is that, together with the FIRS changes and improvements will be made to move the tax to GDP ratio to 18 per cent in the first place in the next couple of years and I’m sure you will not only achieve that target but that you will surpass it based on the strategies you are going to come up with here today.”

Earlier, the FIRS chairman said the service is shifting away from traditional tax categorization. “Instead of maintaining different departments for distinct tax categories, the new structure formulates taxpayer segments based on thresholds. This tailored approach ensures that taxpayers are guided and serviced according to their specific needs, eliminating confusion and redundancy in tax administration,” he stated.

He stressed that extensive re-orientation and change initiatives will be implemented to ensure that no one is left behind, while recognizing the need for meticulous planning, effective communication, and unwavering commitment to navigate the journey successfully.

He said the revenue watchdog is embracing an integrated tax approach while leveraging technology at every step, an approach he said positions FIRS at the forefront of innovation, ensuring that it meets the evolving needs of taxpayers in a rapidly changing world. “FIRS is already a formidable force, and with these new efficiencies, we can indeed meet and exceed our targets,” he stated.

Adedeji said he is driving the establishment of a customer-centric organisational structure designed to streamline processes and enhance efficiency in tax operations. He said the forthcoming structure, set to kick off from February 2024, embodies FIRS’ dedication to modernise and digitise the tax administration landscape in Nigeria.

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Wale Edun
SendShareTweetShare
Previous Post

Investors Trade N3.58trn Equities Worth In 2023, Up By 54.3%

Next Post

Women In Agric Seek Federal Govt’s Partnership For Enhance Food Security

Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

You May Like

Port Harcourt Refinery Not For Sale — NNPC
Business

Port Harcourt Refinery Not For Sale — NNPC

2025/07/30
[EDITORIAL] The World Against Trafficking In Persons
Business

EU Announces Extra €6m Support To Fight Human Trafficking In Nigeria

2025/07/30
Lekki Port Moves 40,000TEUs Transhipment Cargoes Across West African Seaports
Business

Lekki Port Moves 40,000TEUs Transhipment Cargoes Across West African Seaports

2025/07/30
Sub-Saharan Africa’s 3.4% 2024 Growth Inadequate To Curb Poverty – World Bank
Business

World Bank Advocates Strong Policies, Action To End Gas Flaring

2025/07/30
Chams Unveils Driving Forces Of Stellar Performance
Business

Chams Holding Rebrands, Restructures For Future Growth

2025/07/30
Ecobank Nigeria To Reward  500 Customers
Business

Ecobank Group Reports $398m Pre-tax Profit, $1.1bn Net Revenue In H1

2025/07/30
Leadership Conference advertisement

LATEST

Ahmadu Bello Foundation Lauded Over Electoral Citizen Engagement

Rotary Club Reaches 450 Women, Children In Jikwoyi Health Drive

FG, FAO To Strengthen Forest Management

Nigeria Out To Attain Food Sovereignty – Shettima

6 Farmers Remanded Over Alleged Murder Of 72-year-old Man

2 Killed In Adamawa Domestic Violence

Time To Rethink Our Border Security

The Perils Of Identity Politics And Economic Turbulence

We Were Never Alone

Ghana’s Nigeria Must Go Protest

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.