Business

NASS Thumbs FIRS for hitting N21.6trillion in 2024

Published

7 days ago

January 15, 2025

…tasks it to hit N25trillion in 2025

By Joel Ajayi

It was commendation galore for the Executive Chairman of Federal Inland Revenue Service ( FIRS ) , Mr Zacch Adedeji in the National Assembly on Wednesday for surpassing revenue collection target of N19.4trillion in 2024 to N21. 6trillion .

Impressed by the performance, the National Assembly through its joint committee on Finance , proposed N25trillion tax collection or revenue generation target for FIRS in 2025 fiscal year .

First to make the commendation after presentation made by the FIRS boss on revenue collection performance of the agency in 2024 and projection for 2025, was the Deputy Chairman, House of Representatives Committee on Finance , Hon Saidu Musa Abdullahi who described the performance as unprecedented.
” The feat attained by FIRS on revenue collection or generation in 2024 was unprecedented and a very wonderful one , worthy of commendation .

” That you surpassed the target set for the agency in the 2024 Appropriation Act , from N19.4trillion to N21.6trillion , is very cheering and encouraging “, he said .

He however urged the FIRS boss to understudy the template being used in South Africa which according to him, generates revenue from tax collections far above that of Nigeria despite having smaller population of about 45 to 54million people when compared to 200million population in Nigeria .

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

Also commending FIRS for surpassing projected tax revenue in 2024, Senator Joel – Onowakpo Thomas ( Delta South ) in his remarks , said taxes all over the world is the way to go , the very reason , FIRS must deepen the process through planned reform.

He suggested that the committee should increase projected revenue for FIRS in 2025 to N30trillion .

Senator Binos Yeroe ( Adamawa South) , also commended the FIRS boss for the initiatives and innovations deployed in surpassing tax collection revenue target in 2024 .
” Your performance in 2024 , was highly commendable and wish you keep it up “, he said .
Hon Etanabene Benedict added to the commendation galore for the FIRS boss in his remarks by saying ” If we do well on tax collections or revenue generation , we will not borrow to fund our budget . Going by the feat attained by FIRS in 2024, urge this committee to project N60trillion tax collection or revenue generation for it in 2025″.

However, the Chairmen of the committee in their separate closing remarks , told the FIRS boss that the N25trillion projected for the agency in 2025 is what he should work with and possibly surpassed as done in 2024.

Senator Sani Musa in particular , said : “FIRS should Work with the N25trillion projected revenue set for it in 2025 . It is achievable and even surpassable “.

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Business

Finance Ministry Advocates Strategic Resource Allocation for Economic Growth

Published

2 hours ago

January 22, 2025

The Gleamer

By Comfort Olayinka

The Federal Ministry of Finance has emphasized the need for strategic resource allocation and prudent management to drive Nigeria’s development priorities and enhance economic prosperity.

According to the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, the 2025 budget has been carefully designed to align with national priorities, focusing on economic development, infrastructure enhancement, and sustainable fiscal practices.

Dr. Uzoka-Anite, who represented the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the Ministry’s critical role in shaping fiscal policies and fostering economic growth.

She reaffirmed the Ministry’s dedication to building a stable, resilient, and thriving economy in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration.

The Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, presented a summary of the budget performance for 2024, noting that the Ministry’s 2024 budget had been largely utilized on overheads, personnel expenses, and limited capital projects.

The proposed 2025 budget includes provisions to address pressing needs, including essential upgrades to the Ministry’s Headquarters.

The Committee’s Chairman, Honourable James Faleke, commended the Ministry’s team for their presentation and assured them that the Committee would carefully review the proposal and communicate its decisions in due course.

The session concluded with an acknowledgment of the Ministry’s pivotal role in driving fiscal stability and sustainable development for Nigeria’s future.

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