National Economy
Sunday, August 31, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Industry

FIRS Targets N19.4trn  In Tax Revenue For 2024

by Justin Ibeh
2 years ago
in Industry
Reading Time: 2 mins read
FIRS Targets N19.4trn  In Tax Revenue For 2024

FIRS Targets N19.4trn  In Tax Revenue For 2024

Share on FacebookShare on TwitterShare on Telegram

You May Like

Nigeria Customs, SON Fix B’Odogwu Platform Glitch Impacting Imports

Nurses Protest Poor Pay, Insecurity In Katsina

The Federal Inland Revenue Service (FIRS) sets forth an ambitious goal to elevate tax revenue collection by 57 per cent, aiming to reach N19.4 trillion in 2024, as reported by Bloomberg.
The strategy outlines a focus on boosting oil revenues to N9.96 trillion, with non-oil tax revenue targeted at N9.45 trillion.
To achieve this substantial increase, FIRS plans to enhance operational efficiency and tax compliance through a comprehensive organizational restructuring that prioritizes taxpayers. Additionally, the implementation of advanced automation measures for tax collection is on the agenda.
A notable aspect of the plan involves internal reallocation from oil to non-oil sectors. The document emphasized this shift, stating, “Carry out internal reallocation from oil to non-oil, given that the budget oil revenue for 2024 was increased by 214 per cent compared to 2023 actual, while non-oil was increased by only 3 per cent.”
President Bola Tinubu’s ongoing reforms, aimed at bolstering government revenue, are highlighted in this context. The appointment of Mr. Taiwo Oyedele as the chair of the Presidential Committee on Fiscal Policy and Tax Reforms in July underscores the commitment to optimizing fiscal policies and tax regulations.
The committee’s Quick-win report, produced in October, is set to be implemented across Ministries, Departments, and Agencies (MDAs).
The overarching objectives include achieving an 18 per cent tax-to-GDP ratio in the next three years, curbing multiple taxation and tax evasion, and fostering a robust tax culture.
As of now, Nigeria’s current tax-to-GDP ratio stands at 10.86 per cent, falling below the African average.
In the first half of 2023, FIRS achieved a record half-year tax revenue collection of N5.5 trillion, positioning the agency to potentially surpass its N10.1 trillion collection for 2022.
The FIRS anticipates this momentum to contribute significantly to the ambitious 2024 target.
Tags: FIRSFIRS Targets N19.4trn  In Tax Revenue For 2024
ShareTweetShare
Previous Post

Nigeria’s Oil , Gas Sector Poised For Dynamic Growth Amidst Policy Reforms

Next Post

FG Inaugurates Reform Task Teams For Housing Delivery

ANOTHER GOOD READ

SEREC Backs Customs’ Digital Drive To Tackle Cartels, Smuggling Customs
Industry

Nigeria Customs, SON Fix B’Odogwu Platform Glitch Impacting Imports

3 weeks ago
Nurses Protest Poor Pay, Insecurity In Katsina
Industry

Nurses Protest Poor Pay, Insecurity In Katsina

7 months ago
Federal Gov’t Approves Kogi’s Bid To Build International Airport
Industry

Federal Gov’t Approves Kogi’s Bid To Build International Airport

10 months ago
Industry Summit: Experts Task Marketers On Sustainable Marketing
Industry

Industry Summit: Experts Task Marketers On Sustainable Marketing

1 year ago
Stakeholders To Explore Digital Tech Potential In Local Content
Data

Stakeholders To Explore Digital Tech Potential In Local Content

2 years ago
FG Approves Lafarge Africa’s Roadcem Brand
Industry

Lafarge Africa Unveils Nigeria’s First Green Depot

2 years ago
Next Post
FG Inaugurates Reform Task Teams For Housing Delivery

FG Inaugurates Reform Task Teams For Housing Delivery

Most Recent

Federal Gov’t Approves ₦142bn For Bus Terminals In 6 Geopolitical Zones

Federal Gov’t Unveils Boards Of South, West, North Dev’t Commissions

August 29, 2025
Manager, 2 Others Nabbed For Alleged Theft, Vandalism At Abia Firm

Police Arrest Suspected Cult Kingpin, 3 Vandals In Akwa Ibom Raids

August 29, 2025
‘How I Became Bank Manager At 27’ — Tony Elumelu

‘How I Became Bank Manager At 27’ — Tony Elumelu

August 29, 2025
Mixed Reactions Trail Federal Govt’s Passport Fee Hike

Mixed Reactions Trail Federal Govt’s Passport Fee Hike

August 29, 2025
Oyo Gov’t Denies False Pensioner Verification Notice

Oyo Gov’t Tackles APC Over N300bn ‘Fresh’ Loan Claim

August 29, 2025
US Says Nigeria’s N70,000 Minimum Wage Below Poverty Income Level

Passport Now Costs More Than Minimum Wage’, Obi Slams Federal Gov’t Over Fees Hike

August 29, 2025
Global Airlines Group Pushes To Raise Pilot Retirement Age To 67

Global Airlines Group Pushes To Raise Pilot Retirement Age To 67

August 28, 2025
Dangote Hails Tinubu Over NNPCL Leadership Choice

Dangote Signs $2.5bn Deal To Build Fertiliser Plant In Ethiopia

August 28, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy