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NATIONAL ASSEMBLY SETS N2.5TRN REVENUE TARGET FOR FIRS IN 2025
The national assembly joint committee on finance has set N25 trillion as revenue target for the Federal Inland Revenue Service (FIRS) for the 2025 fiscal year.
The committee, composed of the finance panels of the senate and house of representatives, also commended the service for raking in N21.6 trillion in 2024.
Speaking during the budget defence session of the FIRS, Saidu Musa Abdullahi, deputy chair of the house committee on finance, said it commendable that the service surpassed its N19.4 trillion target last year.
“It is very cheering and encouraging,” he said.
“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.”
Sani Musa, chair of the senate committee on finance, said the service should work with the target of N25 trillion.
“It is achievable and even surpassable,” Musa said.
Etanabene Benedict, a member of the committee, 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,” Benedict said.
“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.
