Zach Adedeji: FIRS collected N3.94trn in tax revenue in Q1 2024

The Federal Inland Revenue Service (FIRS) says it collected a sum of N3.94 trillion in tax revenue in the first quarter (Q1) of 2024.

Zacch Adedeji, FIRS executive chairman, announced the revenue figure on May 15.

Adedeji spoke during a courtesy visit from the leadership of the Chartered Risk Management Institute of Nigeria (CRMI), led by Ezekiel Oseni, its president, to FIRS headquarters in Abuja.

He said the performance in Q1 represents a 56.7 percent increase compared to the figure recorded in the corresponding period of 2023.

Representing the FIRS chairman, Tayo Koleosho, his chief of staff, said the service under Adedeji’s watch remained dedicated to intensifying efforts in the remaining months of the year to meet its N19.4 trillion target for 2024.

“Over the years through the various administrations, the service has maintained its mandate of generating revenue and meeting government’s targets,” he said.

“We will continue to make giants stride and we take pride in meeting and surpassing our revenue collection targets for the federation with constant collaboration with stakeholders like the CRMI.

“We have resolved to create an environment of growth by removing every obstacle in the way of corporate entities and ensure a tax administration that is friendly, customer-centric and ready to help businesses to bear more fruits.”

Also speaking to TheCable, a FIRS official who preferred anonymity, confirmed that the revenue generated by the service in Q1 2024 is below its target.

“Yes, we generated N3.9 trillion in Q1 2024,” the source said. 

“Our revenue target is N4.8 trillion, so we still have a long way to go.”

In 2023, the FIRS recorded N12.37 trillion as tax revenue.

On May 15, the federal government said tax revenue is its highest source of income.