FIRS Exceeds Revenue Target of N11.55trn, Raked in N12.36 trn in 2023.

• FIRS enrols additional 170,000 tax payers in less than one year

The Federal Inland Revenue Service (FIRS) has announced that it realised 107 per cent of its targeted N11.55 trillion and raked in N12.36trillion revenue in 2023.

Dare Adekanmbi, Special Adviser on Media to the FIRS Chairman, Dr Zacch Adedeji, disclosed this at a forum organised by Commerce and Industry Correspondents Association of Nigeria (CICAN) on Thursday in Lagos.

Adekanmbi highlighted the many transformative initiatives introduced under the leadership of Dr. Adedeji and how these initiatives have rub off positively on the image, administration and revenue profile of the tax organisation.

The Media Aide restated the FIRS’s commitment to fair tax administration through responsive and accessible service to optimise revenue collection for national development.

According to him, the Service leverages on its mandate to assess, collect and account for revenue accruable to the Nigerian Federation while administering the relevant tax laws.

To actualise its vision of becoming one of the world’s most efficient and trusted revenue service, he said the FIRS is in pursuit of optimizing operations and enhancing overall effectiveness, adding “the tax Agency has strategically realigned its focus to bolster productivity, efficiency, and cultivate customer-centric ethos.”

In his words “As part of this endeavour to meet new targets, FIRS has revised its structure to reflect; People-Centric, Effectiveness & Efficiency, Cohesiveness, Data-Driven Approaches, Adaptability, and Cutting-Edge Innovation.”

He emphasized that the FIRS strategy, geared towards effective delivery of its mandate to be one of the world’s most efficient and trusted revenue service, is driven by People, Technology and Processes.

Adekanbi narrated how Adedeji’s tenure has seen the FIRS dragging over 170,000 new payers into the tax net with the Agency netting 81 per cent of tax collection in first quarter (Q1) 2024 amounting to 3.94 trillion.

“Adedeji’s regime has also revolutionised tax office operation into a streamlined “One-stop-shop” catering to diverse taxpayers by their categories; Large taxpayer, Medium taxpayer and Small taxpayer.

“This has improved customer satisfaction and has significantly reduced customer complaints between the 4th quarter of 2023 and the 1st quarter of 2024.

“We have achieved remarkable success in simplifying tax processes by offering personalised services and enhancing tax education. Increase tax compliance by 20 per cent.

“The service launched the National Single Window initiative which aims to spur economic growth, providing business enterprises with effortless access to the global market by facilitating fast and easy operation at the nation’s port while harmonising and improving government revenue,” he stated.

Adekanmbi enthused by saying that the FIRS Chairman, Dr Zacch Adedeji’s vision in the Agency is that the Agency is taxing the companies, not the seed of the investments, but the fruit of their investments.