FIRS Expands Tax Net, Captures 170,000 New Taxpayers

…As revenue collection hits N3.94trn in Q1 2024

The Federal Inland Revenue Service (FIRS) has made significant strides in expanding the country’s tax net, capturing over 170,000 new taxpayers through innovative measures.

According to FIRS Executive Chairman, Dr Zacch Adedeji, the agency achieved a remarkable 56 per cent year-on-year increase in revenue collection, totaling N3.94 trillion in Q1 2024.

Dr Adedeji, represented by the Special Adviser on Tax Policy, Femi Olarinde, noted that FIRS achieved 81 percent of its Q1’24 target.

He stated: “In 2023 FIRS had a target of 11.5 trillion, beyond that target, we were able to surpass it and we achieved N12.3 trillion collections.

“In 2024, the government has given us a target of N19.4 trillion, and by the end of Q1’24, we had collected 81 percent of the target for the quarter.

He attributed the 107 percent revenue target achieved in 2023 to hard work and innovations.

“This is by sheer hard work, by making things right, and by making things easy for Nigerians. One of the principles of taxation is making it as convenient as possible to reduce the cost of compliance.

“We integrated nine new modules on our novel technology called the Tax Promax, it is a technology we use to administer tax. Was designed that technology in-house because we encourage innovation.

“Within one year we expanded that module with nine other modules because of the drastic investment in innovation. We are revolutionalising tax office into the streamlined one-stop shop; it reduces the cost of administration and reduces cost of compliance. We have improved customers satisfaction by over 70 percent.

“We achieved remarkable success in simplifying tax processes and we have increased new tax payers by 170,000,” he said.

Earlier, Special Adviser to FIRS on Media, Dare Adekanbi, said: “We cannot talk about nation building without revenue; it is the oil that keeps the economy going”