FIRS Rejuvenates Nigeria’s Tax System, Generates N3.94Trn In Q1, 2024

The Federal Inland Revenue Service (FIRS), is not only celebrating meeting target in revenue generation but is elated to have rejuvenated and buoyed economic growth and development with restructuring of the tax system.

The Agency’s unveiling of the National Single Window initiative has overtly supported economic growth, providing business enterprises with effortless access to the global market by facilitating fast and easy operation at the nation’s port while harmonising and improving government revenue.

In a media engagement in Lagos, Chairman of the IFRS, Dr Zacch Adedeji, who assumed responsibility in the Agency in September 2023, was elated to say that his tenure has improved tax compliance of international shipping companies lifting crude oil in Nigeria.

The Agency under his leadership achieved 107 per cent of 2023 Revenue target of N11.55 trillion by collecting N12.36 trillion.

Another feat of the Agency is achievement of 81 per cent of the collection of first quarter 2024 revenue amounting to N3.94 trillion being an all-time highest in the same quarter and 56 per cent higher than Q1 2023.

The FIRS has equally integrated nine new modules on the  tax administration system, TaxProMax, automating over 80 per cent of manual processes.

Adedeji, revolutionized the tax office operation into a streamlined “One stop shop” catering to diverse taxpayers by their categories: Large taxpayer, Medium taxpayer and Small taxpayer.

This has improved customer satisfaction and has significantly reduced customer complaints between the 4th quarter of 2023 and the 1st quarter of 2024.

The Agency also achieved remarkable success in simplifying tax processes by offering personalised services and enhancing tax education and further increase  tax compliance by 20 per cent.

The Chairman, further stressed that in pursuit of optimizing operations and enhancing overall effectiveness, the FIRS has strategically realigned its focus to bolster productivity, efficiency, and cultivate a customer-centric ethos.

As part of this endeavour to meet new targets, the FIRS has revised its structure to reflect People-Centric, Effectiveness & Efficiency, Cohesiveness, Data-Driven Approaches, Adaptability and Cutting-Edge Innovation.