FIRS Hits Record Revenue in 2024, Targets Higher Goal for 2025

The Federal Inland Revenue Service (FIRS) announced record-breaking revenue of ₦21.6 trillion in 2024, surpassing its target of ₦19.4 trillion.

Zacch Adedeji, the agency’s Executive Chairman, revealed this at the agency’s strategic management retreat in Abuja. The increase was driven by non-oil taxes, which exceeded targets by 28% and contributed 73.4% of total revenue.

The 2024 tax revenue surpassed 2023 by 76% which was ₦12.474 trillion.

Benefits of Reforms

Adedeji pointed to several key reforms that contributed to this success, including automation, introducing TaxPro-Max, using third-party data for intelligence, expanding the use of Withholding Tax, improved debt collection, and organisational reforms.

Other policy reforms included changes to value-added tax and education tax rates and improvements in tax laws through the Finance Acts.

Higher exchange rates and inflation also contributed to the increase in tax revenues.

Adedeji said that 2024 was pivotal in transforming FIRS into a globally recognized, efficient, and trusted revenue authority.

For 2025, FIRS has set an ambitious revenue target of ₦25.2 trillion and plans to consolidate and institutionalize internal strengths to ensure long-term resilience and operational excellence. Strategies include investment in the workforce and innovative use of technology.

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