FIRS Generates N3.94 Trillion in Q1 2024, Misses Revenue Target

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The Federal Inland Revenue Service (FIRS), led by Executive Chairman Dr. Zacch Adedeji, announced that the service generated N3.94 trillion in tax revenue during the first quarter of 2024. However, this fell short of the quarterly revenue target of N4.8 trillion.

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Adedeji, represented by his Chief of Staff Mr. Tayo Koleosho, disclosed these figures during a courtesy visit by the Chartered Risk Management Institute of Nigeria (CRMI). He highlighted a 56.7 percent increase in performance compared to the corresponding quarter of 2023.

Despite the shortfall, FIRS reaffirmed its commitment to intensifying efforts throughout the year to meet its ambitious N19.4 trillion target for 2024. Adedeji emphasized collaboration with stakeholders like CRMI to achieve this goal and ensure a tax-friendly environment conducive to business growth.

Meanwhile, Dr. Ezekiel Oseni, President/Chairman of CRMI, revealed that the institute is sponsoring a bill at the National Assembly to institutionalize risk management practices across government ministries, departments, and agencies (MDAs). This initiative aims to enhance decision-making processes and mitigate risks associated with government projects and initiatives.

Oseni emphasized the importance of embracing risk management practices in tax administration to identify and address loopholes that could be exploited by tax evaders. He underscored the potential of risk management to improve revenue collection and contribute to Nigeria’s economic growth.

Gbenga Samson
Gbenga Samsonhttp://ThisDayLive.com
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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