When the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zaccheus Adedeji, and his team set N19.4 trillion as revenue target for the year 2024, many people would have seen him as a tall dreamer.
More so that the N19.4 trillion target was a significant increase of 56.9 per cent from the 2023 revenue. In 2023, FIRS had a target of N11.56trn, but realised N12.37 trillion, exceeding the target by N816 billion.
Therefore, moving up to as high as N19.4 trillion in 2024, as against N12.37 trillion realised in 2023, must have seen by many stakeholders in the financial sector as too ambitious.
However, not only did the FIRS under Dr Zacch Adedeji meet the target, it was surpassed. N21.6 trillion was generated, exceeding the 2024 target by N2.2 trillion.
But the Nigeria’s “Zaccheus The Tax Collector” is not done yet. For 2025, he has set a N25.2 trillion target, N3.6 trillion higher than the revenue generated last year.
He declared that realization of the 2025 revenue target of N25.2 trillion would be anchored on the strategic pillars of capacity building and training, infrastructure and facility enhancement, as well as technological advancement.
Dr. Zacch Adedeji, who described the 2024 performance as a landmark moment in Nigeria’s tax administration history, stressed the need for sustained momentum, strategic reforms, and institutional consolidation.
He said; “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. It marked a period of strategic growth, positioning the Service as a cornerstone of Nigeria’s economic progress.”
The FIRS Boss, who was speaking at the agency’s 2025 Management Retreat themed “Building a High-Performing FIRS: Elevating Performance Through Collaboration and Innovation,” in Abuja, few days ago, urged that staff and management of the FIRS should “embrace 2025 with courage and purpose, turning challenges into opportunities and possibilities into achievements.”
He urged the management team to be focused and ensure excellence as they navigate 2025, saying; “As we step confidently into 2025, we must carry forward the momentum of these achievements with renewed energy, a clear vision, and a meticulously designed roadmap. This year, our focus will be on consolidating and institutionalizing our internal strengths to ensure long-term resilience and operational excellence.
“This year, our mission is both ambitious and transformative; to build a service of excellence defined by the expertise of our people, the modernization of our facilities, and the innovative use of technology to enhance our processes. This mission is not just about sustaining our success but about consistently elevating our impact and solidifying our position as a model revenue authority on the global stage.”
To further tackle revenue leakages, Adedeji insisted that while the country’s tax laws will be strengthened, technology would be deployed, and the Nigeria’s tax environment will be conducive.
The FIRS boss said; “You’ve seen in our strategic roadmap that we focus more on training, using technology. Why you see people go away with our revenue is because there are lapses in the law, and then in the wisdom of Mr. President, you know, we sent a bill to the National Assembly, hopefully the bill will be passed this quarter.
“So, it is our strategy to block all identified loopholes with the use of technology.
“Don’t forget, Mr. President’s mantra is that he would not tax poverty, it’s only prosperity, focus on income, not your own investment, and then we only focus on returns from that investment. So, we are not there to tax poverty, so tax payers should expect cooperation from us. This year, we look forward to achieving that.
“Through focused leadership and collective effort of all members of the staff, we collected N21.7 trillion in 2024. So, based on that, for 2025, we have N25.2 trillion.
“Based on what we know and the conducive environment that Mr. President has provided for business to thrive, vis the anticipated passage of the tax reform bill that will make the environment more conducive for all taxpayers, we are confident, with the professionalism of our staff, that we will be able to achieve the 2025 target of N25.2 trillion.”
For the FIRS under Zacch Adedeji, recorded sustained revenue growth has been due to administrative reforms, policy reforms and the country’s’ macroeconomy.
Some of these reforms include: “Automation; introduction of TaxPro-Max; use of 3rd party data for intelligence; expanded use of WHT; improved debt collection, and organizational reforms. Others are Higher VAT & Education tax rates; improvement in tax laws through Finance Acts and impact of higher exchange rate and inflation.”
– Usman, a public affairs commentator writes from Abuja
Other innovations introduced to ensure seamless payment of taxes by Nigerians was the new USSD code *829#, aimed at revolutionizing taxpayer engagement and access to essential tax services. This initiative has simplified tax processes and provided seamless, efficient service experience.
With the *829# USSD code, taxpayers can now effortlessly access a range of services, including TIN retrieval, Tax Clearance Certificate (TCC) verification, and general inquiries all from the convenience of their mobile phones and with no need for internet access.
The impressive performance of the FIRS has been attracting accolades from Nigerians.
During an interactive session with the FIRS boss and his management team in Abuja, the National Assembly Joint Committee on Finance commended them for taking in the sum of N21.6 trillion in 2024.
Deputy Chairman, House of Representatives Committee on Finance, Hon Saidu Musa Abdullahi, described the performance of the FIRS as unprecedented.
“The feat attained by FIRS on revenue collection or generation in 2024 was unprecedented and a very wonderful one, worthy of commendation.
“That you surpassed the target set for the agency in the 2024 Appropriation Act, from N19.4trillion to N21.6trillion is very cheering and encouraging,” he said.
Also, Senator Binos Yeroe, commended the FIRS Chairman for what he called “the initiatives and innovations deployed in surpassing its revenue target for 2024.”
“Your performance in 2024, was highly commendable and wish you keep it up,” he said.
It should be recalled that the World Bank had projected that following the recent increase in government revenue, Nigeria’s revenue-to-GDP ratio could rise to over 10.5 percent by the end of 2024.
Ndiamé Diop, World Bank country director for Nigeria shared the forecast during an interactive session on ‘Fiscal Reforms for a More Secure Future’ at the 30th Nigerian Economic Summit, held in Abuja late last year.
This is February, and the FIRS has a revenue target of N25.2 trillion to meet this year 2025. Should we be expecting another story over exceeding the target? Dr Zacch Adedeji is keeping his head cool as usual.
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