FIRS Tax Revenue Hits N3.94 trillion in Q1 2023 - Dr. Zacch Adedeji

Yesterday, the Federal Inland Revenue Service (FIRS) executive chairman, Dr. Zacch Adedeji, stated that the commission achieved a goal of N3.94 trillion in tax revenue in Q1 2024. He also said that the FIRS had a target of achieving a quarterly revenue of N4.8 trillion but ended up with a lower figure.

He made this announcement in a meeting when he received the leadership of the Chartered Risk Management Institute of Nigeria (CRMI) of Nigeria, which was led by its President/Chairman, Governing Council, Dr. Ezekiel Oseni, on a courtesy visit to the FIRS Headquarters in Abuja.

Adedeji stated that the performance in Q1 represented a 56.7% increase from the corresponding period in Q1 2023.

He was represented at the meeting by his Chief of Staff, Mr. Tayo Koleosho,  who said that the FIRS is under his watch and remained committed to intensifying efforts in the remaining part of the year towards meeting its ambitious N19.4 trillion target for 2024.

He said, “Over the years through the various administrations, the service has maintained its mandate of generating revenue and meeting government’s targets.

“We will continue to make giants stride, and we take pride in meeting and surpassing our revenue collection targets for the federation with constant collaboration with stakeholders like the CRMI.

“We have resolved to create an environment of growth by removing every obstacle in the way of corporate entities and ensure a tax administration that is friendly, customer-centric, and ready to help businesses bear more fruits.”

After the meeting, Oseni interviewed with THISDAYLIVE. He said the institute is sponsoring a bill at the National Assembly to institute risk management practices in every ministry, department, and government agency (MDAs).

These were his words, 

“Risk management is something that is not restricted to any particular sector. It has relevance in every sector of the economy, including the government. The bill is about to go, and we are doing a draft on that.

“What we’re trying to do is to say that when you are taking any decision, you need to assess the risk of that decision. When you want to do road construction, there are many things you need to look at – weather, soil texture, and finance.

“You don’t undertake a project, and at the end of the day, you don’t have funding to finish it.”

Oseni also added that part of the reason for the visit was to invite the FIRS to become a Council member, “just like we have the Central Bank of Nigeria (CBN) and other reputable institutions like the Federal Ministry of Education.”

Oseni said, “So, with risk management, it would be easier for them to identify the loopholes and also be able to mitigate the risk that could emanate from those loopholes.

“Being a risk management practitioner, it’s necessary for them to embrace risk management in respect of their profession. Even in tax collection, you need to be risk conscious.”

He added that adherence to risk practices will improve revenue by plugging the loopholes people could exploit to evade tax or avoid tax altogether.

The CIRM boss said, “By the time you identify these loopholes, you’ll be able to see how you can manage them even before you amend the law and be able to minimize the abuse of this kind of loopholes that tax evaders and people that avoid taxes can take undue advantage of. So, it’s going to help them to improve tax collection.”