The National Assembly has lauded the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, for exceeding the 2024 revenue collection target of N19.4 trillion.
FIRS generated N21.6 trillion, surpassing the target by N2.2 trillion.
The commendation came during a meeting on Wednesday in Abuja, where the FIRS chairman appeared before the joint committee on Finance to defend the service’s revenue projections for 2025.
The committee proposed a N25 trillion revenue generation target for FIRS in the coming fiscal year.
Deputy Chairman of the House of Representatives Committee on Finance, Saidu Abdullahi, was the first to commend Adedeji’s performance, calling it “unprecedented” and “worthy of commendation.”
“The feat achieved by FIRS in revenue collection for 2024 was unprecedented and truly commendable.
“Surpassing the target set for the agency in the 2024 Appropriation Act, from N19.4 trillion to N21.6 trillion, is both encouraging and impressive,” he said.
He encouraged the FIRS to study the tax collection methods of South Africa, which generated higher tax revenue, and to focus on expanding the taxable base to include more informal sector workers.
Sen. Joel Onowakpo emphasised that tax collection was a global norm, and advised the committee to raise FIRS’s projected 2025 revenue target to N30 trillion.
Similarly, Sen. Binos Yeroe lauded Adedeji’s innovative approach in surpassing the 2024 target.
“Your performance in 2024 was highly commendable, and I hope you continue to maintain this level of success,” he said.
Rep. Etanabene Benedict suggested aiming for N60 trillion in 2025 to avoid borrowing.
Committee chairmen also supported the proposed N25 trillion revenue goal for 2025; with Sen. Sani Musa stating that it was both “achievable and surpassable.”
NASS lauds Interior minister over 2024 budget performance
The National Assembly Joint Committee on Interior has commended the Minister of Interior, Dr Olubunmi Tunji-Ojo over the 2024 budget performance of the ministry.
The joint committee gave the commendation on Wednesday, when Tunji-Ojo appeared to defend the 2025 budget of the ministry.
Tunji-Ojo told the lawmakers during the session that the ministry’s Internally Generated Revenue (IGR) exceeded its target In the 2024 budget.
“In 2024, we had a revenue target as approved by the national assembly of N1.2 billion for business expatriates quotas and naturalisation but what we were able to generate was N4,508,306,968.5.”
The minister explained that the increase in the IGR was not as a result of the increase in expatriates quota revenue, noting that a lot of key sectors within the ministry came alive in the last financial year.
He attributed the increase to some measures adopted by the ministry to close leakages through zero remittances and full automated solutions.
According to him, it was the automation of these solutions that closed some of the leakages that made the revenue to shoot up.
Impressed with the budget performance, the lawmakers, who could not hide their satisfaction, commended the minister for a job well done, with the committee chairman, Sen. Adams Oshiomhole taking the lead.
Oshiomhole said: “Minister, you have done extremely well. I think you have been detailed, I have attended some other budget defence and I can’t recall anyone as extremely detailed as you did.
“We have seen what you have done in 2024, we expect you to do more in 2025, knowing that you have a lot of energy.
“Now you have made your presentation and I believe we are very satisfied with your explanations.
“If there are more questions, like you said after this budget session, we can have a special session to discuss further,” Oshiomhole said.