FIRS Chairman Zacch Adedeji Confident of Meeting N19.4 Trillion Target by Year’s End

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has expressed confidence that the Service will meet its N19.4 trillion revenue target for 2024.

Speaking at the FIRS’ 2024 stakeholders’ engagement with the Senate and House Committees on Finance, held in Lagos on Saturday, Adedeji noted that the figures accumulated in the past eight months suggest the Service is on track to achieve its goal.

“From every indication, we are equal to the task. We are on course. With the figures I’m seeing, hitting that target given to us by the federal government is achievable by the end of the year,” Adedeji stated, pointing to the substantial progress made since January.

He also revealed that a comprehensive bill aimed at overhauling Nigeria’s revenue administration, including regulations for the cryptocurrency industry, is being finalized for transmission to the National Assembly.

The proposed legislation seeks to simplify tax laws, harmonize revenue collection, and replace outdated tax statutes, such as the 1939 Stamp Duty Act, with new regulations aligned with modern economic realities.

“We need to bring [the Stamp Duty] law up to date. This is why President Bola Tinubu set up the Taiwo Oyedele-led Fiscal Policy and Tax Reform Committee to review these laws and make recommendations,” Adedeji explained.

He emphasized that Nigeria cannot ignore the growing prominence of cryptocurrency worldwide, adding that regulatory measures must be implemented to ensure its responsible integration into the Nigerian economy.

“As it stands in Nigeria today, there is no law that regulates cryptocurrency operations. We need a law that regulates that area of our economy,” Adedeji added.

The FIRS Chairman attributed the Service’s recent successes to the support from both the executive and legislative branches of government.

The stakeholder engagement, he said, aimed to strengthen collaboration with lawmakers by updating them on FIRS’ activities, challenges, and future strategies.

Senator Mohammed Sani Musa, Chairman of the Senate Committee on Finance, commended the FIRS’ efforts and emphasized that the Service should serve as the sole regulating and collecting agency for all taxes in the federation.

He highlighted the potential of the National Single Window programme to address inefficiencies in revenue collection.

In his remarks, Hon. James Faleke, Chairman of the House Committee on Finance, represented by Hon. Kalejaiye Paul, praised Adedeji’s leadership for the professionalism displayed by the FIRS.

He urged Nigerians to fulfill their civic responsibilities by paying taxes regularly, stressing that consistent tax payments are essential for the government to meet its obligations to the people.

The stakeholders’ meeting emphasized the need for ongoing collaboration between the FIRS and lawmakers to achieve Nigeria’s revenue targets and support national development.