The National Assembly Joint Committee on Finance has set a N25 trillion revenue target for the Federal Inland Revenue Service (FIRS) for the 2025 fiscal year.
This follows the performance of the FIRS in the 2024 fiscal year, during which it surpassed its N19.4 trillion target, raking in N21.6 trillion.
Deputy chairman of the House of Representatives committee on finance, Saidu Musa Abdullahi, said during a budget defence session that the committee was impressed with the performance of the agency.
“It is very cheering and encouraging. We shall give you total support on your tax reform but you need to bring in more taxable citizens into the net from the informal sector,” he said.
Also speaking, chairman of the senate committee on finance, Sani Musa, said the new target could be achieved and even surpassed.
A member of the committee, Etanabene Benedict, said if the country gets its tax collection right, it might not need to borrow to fund its budgets.
“If we do well on tax collections or revenue generation, we will not borrow to fund our budget. Going by the feat attained by FIRS in 2024, urge this committee to project N60 trillion tax collection or revenue generation for it in 2025.”
However, the panel agreed to fix the target for the tax agency at N25 trillion.
