Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    ADC Says Tinubu Govt Planning To Clamp Down On Opposition Leaders

    July 10, 2025

    All Set For Saturday’s LG Elections In Lagos – LASIEC

    July 9, 2025

    ADC Has No Favourite Presidential Aspirant – David Mark

    July 9, 2025
    Facebook X (Twitter) Instagram
    Trending
    • ADC Says Tinubu Govt Planning To Clamp Down On Opposition Leaders
    • All Set For Saturday’s LG Elections In Lagos – LASIEC
    • ADC Has No Favourite Presidential Aspirant – David Mark
    • My Meeting With Abacha Not For Political Gains – Peter Obi
    • Banks To Report Customer Transactions That Exceed N5m – NOA
    • US Restricts Visa Validity For Nigerians
    • Those Terrorising South-East Are Igbos, Not Fulani Herdsmen – Soludo
    • ADC Assembles 97 Lawyers To Challenge APC’s Lawsuit Against Interim Leadership
    Facebook X (Twitter) Instagram
    TheScrutinyNG
    Subscribe
    Friday, July 11
    • Home
    • Politics
    • Business
    • News
      • World News
    • Sports
    • Interviews
    • Opinion
    • Entertainment
    • Columnists
    • ABOUT US
    TheScrutinyNG
    Home » National Assembly Increases FIRS Revenue Target to ₦25 Trillion For 2025
    2 Mins ReadJanuary 15, 2025

    National Assembly Increases FIRS Revenue Target to ₦25 Trillion For 2025

    By Amina MohammedJanuary 15, 2025No Comments2 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The National Assembly has raised the revenue target for the Federal Inland Revenue Service (FIRS) following revelations by Executive Chairman, Zacch Adedeji, that it had surpassed its 2024 revenue collection target, exceeding the ₦19.4 trillion target set in the 2024 Appropriation Act.

    During a presentation on Wednesday by the FIRS boss on the agency’s performance and future projections, the National Assembly’s joint Committee on Finance proposed a ₦ 25 trillion revenue target for FIRS in the 2025 fiscal year.

    Deputy Chairman of the House of Representatives Committee on Finance, Hon. Saidu Musa Abdullahi, lauded the agency’s performance as “unprecedented, encouraging the agency to study South Africa’s tax collection model, which generates higher revenues despite a significantly smaller population.”

    “We shall give you total support on your tax reform, but you need to bring more taxable citizens into the net from the informal sector.”

    However, a lawmaker, Hon. Benedict Sapele expressed slight dissatisfaction, noting that the FIRS is capable of deepening its tax net and ramping its current figures to ₦60 trillion in 2025, noting that ‘if we do well, we will not borrow to fund our budget’.

    In response, Adedeji stated that having multiple agencies collecting taxes often leads to leakages, which can be mitigated through the passage of the progressive tax bill.

    “I am not in support of taxing the informal sector without first formalizing it. We need to transition the informal sector into the formal economy before implementing tax measures. Our focus should be on expanding the taxpayer base,” he said.

    Author

    • Amina Mohammed
      Amina Mohammed

      View all posts
    FIRS
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Amina Mohammed

    Related Posts

    Featured

    ADC Says Tinubu Govt Planning To Clamp Down On Opposition Leaders

    July 10, 2025
    Featured

    All Set For Saturday’s LG Elections In Lagos – LASIEC

    July 9, 2025
    Featured

    ADC Has No Favourite Presidential Aspirant – David Mark

    July 9, 2025
    Economy

    My Meeting With Abacha Not For Political Gains – Peter Obi

    July 9, 2025
    Banking & Finance

    Banks To Report Customer Transactions That Exceed N5m – NOA

    July 9, 2025
    Featured

    Those Terrorising South-East Are Igbos, Not Fulani Herdsmen – Soludo

    July 8, 2025

    Subscribe to News

    Get the latest sports news from NewsSite about world, sports and politics.

    Editor's Picks

    ADC Says Tinubu Govt Planning To Clamp Down On Opposition Leaders

    July 10, 2025

    All Set For Saturday’s LG Elections In Lagos – LASIEC

    July 9, 2025

    ADC Has No Favourite Presidential Aspirant – David Mark

    July 9, 2025

    My Meeting With Abacha Not For Political Gains – Peter Obi

    July 9, 2025
    Latest Posts
    Advertisement
    Facebook X (Twitter) Pinterest Vimeo WhatsApp TikTok Instagram

    News

    • World
    • US Politics
    • EU Politics
    • Business
    • Opinions
    • Connections
    • Science

    Company

    • Information
    • Advertising
    • Classified Ads
    • Contact Info
    • Do Not Sell Data
    • GDPR Policy
    • Media Kits

    Services

    • Subscriptions
    • Customer Support
    • Bulk Packages
    • Newsletters
    • Sponsored News
    • Work With Us

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2025 The Scrutiny. Designed by Design Streams.

    • Privacy Policy
    • Terms
    • Accessibility

    Type above and press Enter to search. Press Esc to cancel.