FIRS eyes N25.2trn in 2025 revenue target

Orisemeke Benjamin

The Federal Inland Revenue Service (FIRS) has set a N25.2 trillion target for the 2025 financial year.

In his keynote address at the Federal Inland Revenue Service 2025 Management Retreat, the FIRS Executive Chairman, Dr. Zacch Adedeji, said the N25 trillion targets will be anchored on the strategic pillars of capacity building and training, infrastructure and facility enhancement, and technological advancement.

According to the FIRS boss, the three pillars are critical to the achievement of the record target.

He said, “These pillars are not abstract ideas. They are practical, actionable objectives that will be realized in every group, department, and operation within the Service. They represent a unified direction for the FIRS, one that prioritizes excellence, innovation, and impact.

“So, let us embrace 2025 with courage and purpose, turning challenges into opportunities and possibilities into achievements. Together, we will propel FIRS to unparalleled heights, setting a new benchmark for distinction and redefining what success means.

“If you listen to what we’ve said last year, we have the N19. 4 trillion. Through focused leadership and collective effort of all members of staff, we collect N21.7 trillion, as you’ve seen in what we presented. So, based on that for 2025 we have 25 trillion. If you look at our anticipate, we are a data driven organization and tax collection is intelligence gathering, so based on what we know and the conducive environment that Mr. President has given to the business in anticipation of even the passing of our tax reform bill that will make the environment more conducive for all the taxpayers so we are confident, with the professionalism of our staff, that we will be able to achieve the N20-25 trillion that we’ve committed.”

Recalling the year 2024, the FIRS boss noted without the input of the staff the record breaking N21.6 trillion collected would not have been possible.

“Together, we closed the chapter of 2024 with an achievement that will forever be recorded in the history of the Federal Inland Revenue Service: the record-breaking generation of N21.6 trillion in 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.

“Our work enables the delivery of critical infrastructure, social services, and opportunities that transform lives. We are not just staff members; we are agents of the nation, entrusted with a responsibility that goes far beyond the walls of this organization,” the revenue service helmsman said.

To further tackle revenue leakages, Adedeji, insisted that while the country’s tax laws will be strengthened, technology would be deployed as well as making Nigeria’s tax environment conducive.   

“You’ve seen in our strategic roadmap that we focus more on training using technology and having a conducive environment. So, we have this blocking of leakages that comes from having implementable laws. People go away with our revenue because there are lapses in the law, and then Mr. President in his wisdom 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 and the use of technology. What should taxpayers expect for this 2025? They should expect better service, like we’ve said, and we’ve seen that trajectory from us, that we are service provider to taxpayers. They are our customers, so we provide service to them. We collect money from them. So, our decision is to make sure that the taxpayer has a conducive environment to do their business, because it is when they are prosperous that they will also have something to do. Don’t forget, Mr. President 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 they should expect cooperation from us. This year, we look forward to achieving that,” he explained.

He urged the management team to be focused and ensure excellence as they navigate 2025.

“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,” he said.

In her presentation on 2024 Revenue Performance:  Achievements & Challenges, Coordinating Director, Large Taxpayers Group, Amina Ado the Service was able to record sustained growth due to administrative reforms, policy reforms and the country’s’ macroeconomic.

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.”

The CD further added that improvement in debt management & enforcement in the year under review further sustained growth as “recovery in 2024 compared to 2023 increased by 119 per cent.

“Integrated Tax Offices, the number of financial institutions filing and paying EMTL increased by 84 per cent while collection increased by 29 per cent.

The ‘retreat has as its theme: “Building a High-Performing FIRS: Elevating Performance Through Collaboration and Innovation.”