Additionally, they surpassed their 2024 revenue target of N19.4 trillion, with all tax categories showing improved performance compared to the previous year, as reported by official data.
Looking ahead, the agency has set a bold revenue goal of N25.2 trillion for 2025 and feels pretty optimistic about reaching it.
Zacch Adedeji, the Executive Chairman of FIRS, shared these revenue insights during the agency’s strategic management retreat in Abuja on Thursday, noting that non-oil taxes surpassed expectations by 28% and made up 73.4% of the total revenue.
Adedeji highlighted that 2024 was a standout year, thanks to a series of key administrative and policy reforms that boosted collection growth.
Some of the administrative changes included automation, the launch of TaxPro-Max, leveraging third-party data for better intelligence, increased use of Withholding Tax, enhanced debt collection efforts, and organizational changes.
On the policy side, they adjusted Value Added Tax and education tax rates, along with improvements in tax laws through Finance Acts.
Additionally, the rise in exchange rates and inflation played a role in driving up the tax figures.
"Together, we closed the chapter of 2024 with an achievement that will forever be recorded in the history of the Federal Inland Revenue Service: the record-breaking generation of N21.6 trillion in revenue, surpassing our target of N19.4 trillion,” Adedeji stated.
“This was no small feat…The year 2024 was pivotal in laying a solid foundation for transforming the Federal Inland Revenue Service into a globally recognized, efficient, and trusted revenue authority.
"It marked a period of strategic growth, positioning the Service as a cornerstone of Nigeria’s economic progress.
In 2025, he emphasized that the primary objective will be to strengthen and institutionalize internal capabilities to guarantee sustained resilience and operational excellence.
“This year, our mission is both ambitious and transformative.”
He noted that achieving these high aspirations will involve investing in the Service workforce and leveraging innovative technology.