The Federal Inland Revenue Service (FIRS) says it plans to generate a total of N25 trillion for the country in 2024.
It also said it plans to generate N7.5 trillion in the second half of this year.
This is contained in the presentation made by the FIRS Chairman, Muhammad Nami, at the meeting of the National Economic (NEC) on Thursday in Abuja.
The meeting held at the State House was chaired by Vice President Kashim Shettima.
“FIRS 2023 revenue projection for the second half of the year was put at N7.5 trillion and 2024 revenue projection at N25 trillion.
Council resolutions:
“Council commended the FIRS for its initiatives and reforms to boost revenue generation in the country, especially the projection of N25 trillion for the year 2024.
READ ASLO: Subsidy Removal: NEC backs planned distribution of grains, fertilisers
“Council encouraged States to utilise the peer review mechanism in the Nigerian Governors Forum and improve partnership with the Federal Inland Revenue Service to increase their internally generated revenue,” a statement by the VP media office said.
The statement said Mr Nami focused on major revenue reforms implemented between 2020 and 2023 and highlighted four key areas.
They include:
· Restructuring tax operations and administration
· Automation of tax administration and operational processes
· Creating a customer-focused service
· Creating a data-centric institution.
On Short-Term plans, the FIRS said it will
· Further automation of tax administration in FIRS
· Bring the informal sector into the tax net through partnership
· Intensify data streaming from industry regulators, MDAs, industry operators and treaty partners to improve compliance.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
