By Disun Amosun
Federal Inland Revenue Service, FIRS, has said it plans to expend N446.34bn on tax collection alone for the year 2024.
This whooping figure, according to FIRS Executive Chairman, Zacch Adedeji represents an increase of 39% in the approved budget and the MTFF approved framework for the same purpose last year.
He told House of Representatives Committee members that for the past years, the Service had been surpassing its tax collection targets in oil and non-oil sectors of the economy by N12.34tr, representing over 1008% over targeted figures for last year.
These came to light yesterday when FIRS Executive Chairman presented the Service’s 2024 Operational Budget to the House of Representatives Committee on Finance.
“The Service collected N12 34 trillion as at 31st December 2023, of the total projected revenue of N11.16 trillion. This amount exceeded the total collection of N10.05 trillion achieved in the year 2022 as well as 2023 target collection.
“The performance based on the annual target of N11.16 trillion represents 111% achievements. The Non-oil component of the tax collected stands at N9.26 trillion and represents 238% achievement of total Non-oil revenue target of N7.98 trillion, Zacch Adedeji explained.
He added that expenditure of the FRIS operational budget for the current fiscal year will cover personnel, overhead and capital costs and expressed optimism that the target for this year’s tax collection too will be surpassed.
Committee chairman, Rep James Faleke noted that the ultimate aim for the FIRS is to rake in substantial revenue, mostly in terms of taxes and ensure its transfer to the consolidated Revenue Fund, so as to create a ready pool for the government to fund the 2024 budget.
