Dr. Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), revealed yesterday that the service generated a total of N3.94 trillion in tax revenue in the first quarter of 2024 (Q1 2024). However, this performance fell short of the quarterly revenue target of N4.8 trillion set by the agency.
Adedeji shared these figures during a courtesy visit to the FIRS Headquarters in Abuja by the leadership of the Chartered Risk Management Institute of Nigeria (CRMI) led by its President/Chairman, Governing Council, Dr. Ezekiel Oseni. Represented by his Chief of Staff, Mr. Tayo Koleosho, Adedeji highlighted that the Q1 performance represented a 56.7 percent increase over the figure recorded in the corresponding quarter of 2023.
While expressing the service’s commitment to intensifying efforts in the remaining part of the year to meet its ambitious N19.4 trillion target for 2024, Adedeji emphasized the FIRS’s dedication to fulfilling its mandate of revenue generation and meeting government targets. He acknowledged the importance of collaboration with stakeholders like the CRMI in achieving these goals.
“We will continue to make giant strides, and we take pride in meeting and surpassing our revenue collection targets for the federation,” stated Adedeji.
Despite falling short of the Q1 revenue target, the significant increase in tax revenue compared to the previous year reflects ongoing efforts by the FIRS to enhance revenue generation. As the service continues to collaborate with stakeholders and implement strategic initiatives, hopes remain high for improved revenue performance in subsequent quarters, contributing to national development and fiscal sustainability.
