Zacch Adedeji, the head of the Federal Inland Revenue Service (FIRS), has said that the federal government is expected to meet its 2024 revenue target of N19.4 trillion.
Adedeji made this declaration on Monday and credited President Tinubu’s measures for improving revenue collecting shortcomings for the advancement.
Adedeji pointed out that the prior declining trend is being reversed by higher crude oil output this year and a greater emphasis on tax compliance..
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According to the FIRS chairman, the agency plans to boost tax efficiency by overhauling outdated tax laws, such as the Stamp Duty Act, which was established in 1939, before the existence of internet connectivity or any modern societal features.
“We set a target of 19.4 trillion naira for ourselves this year.
“We are almost in the third quarter of the year and with the figures we are seeing so far, I can say we are on the path of achieving our target,” he said.
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Following his assumption into office, President Tinubu inaugurated a tax and fiscal reform committee to enhance the efficiency of tax collection as well as boost the economy in general.
The committee which is headed by Taiwo Oyedele, a renowned tax expert, has rolled out some fiscal measures which include tax exemptions for manufacturers, farmers and those who earned below a certain monetary benchmark.
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The committee has submitted its all-inclusive reports to the president, which cover efficiency in tax collection, reduction of the number of taxes from about 60 to single digit and also the digitization of tax collection across multiple industries.
In the first quarter of 2024, the FIRS announced that the country recorded N3.94 trillion in tax revenue a 56.7% increase from what was recorded in the same period the previous year.
