Business

NASS Thumbs FIRS for hitting N21.6trillion in 2024

Published

9 months 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 “.

Share on Facebook

Business

NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit

Published

3 days ago

October 2, 2025

The Gleamer

By Joel Ajayi

The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.

For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.

Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).

The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.

According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.

Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.

Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.

With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.

Share on Facebook