FIRS Chairman, Zacch Adedeji – FIRS Breaks Records with N1.5 Trillion Education Tax Collection, Surpassing Targets by 2,042%

The Federal Inland Revenue Service (FIRS), led by Chairman Zacch Adedeji, has achieved a monumental milestone by collecting N1.5 trillion in education tax for the 2024 fiscal year. This figure represents a staggering 2,042% increase over the initial target of N70 billion, highlighting the agency’s exceptional performance and dedication to effective tax enforcement. The achievement was disclosed during a meeting with the National Assembly’s joint Committees on Finance, Budget, and National Planning, underscoring the Federal Government’s commitment to fiscal responsibility and enhanced public revenue systems.

Chairman Zacch Adedeji attributed the success to strategic reforms and innovative approaches adopted by the FIRS to improve tax administration and compliance. Zacch Adedeji noted that this record-breaking performance demonstrates the effectiveness of the government’s revenue generation strategies, which prioritize transparency and accountability. This historic milestone not only strengthens the country’s fiscal position but also ensures that critical sectors like education receive the funding necessary for transformative development.

Revenue Collection Exceeds Expectations Across Sectors

In addition to the education tax milestone, the Federal Government has reported a remarkable revenue collection performance for the 2024 fiscal year. Out of the N19.4 trillion targeted for the year, a total of N18.5 trillion had already been realized by the end of September. This achievement demonstrates the government’s efficiency in meeting and potentially exceeding its annual fiscal targets.

Zacch Adedeji attributed this success to robust policies, improved enforcement mechanisms, and increased taxpayer compliance. He expressed confidence that the year-end figures would exceed projections, further boosting the nation’s economic stability and funding critical development programs.

FIRS Enhances Revenue Strategies to Bolster National Growth

The significant growth in tax revenue collection highlights the Federal Government’s strategic focus on improving fiscal accountability and enhancing the country’s economic infrastructure. The FIRS has adopted modernized systems and innovative approaches, ensuring seamless tax administration and increased compliance.

Zacch Adedeji pointed out that the success in revenue collection, particularly the education tax, underscores the importance of continued investment in tax systems and reforms. He urged stakeholders to support these initiatives, as they play a critical role in sustaining national growth and funding priority sectors like education.

Education Sector to Reap Benefits of Increased Tax Revenue

With the unprecedented N1.5 trillion collected as education tax, the Federal Government has significantly boosted funding for the education sector. This increase will enable the implementation of key projects aimed at improving access, infrastructure, and the overall quality of education across the nation.

Zacch Adedeji reaffirmed the government’s commitment to channeling these funds into impactful programs that address long-standing challenges in the education sector. Zacch Adedeji noted that this milestone represents a critical step towards achieving sustainable development goals in education and beyond.

National Assembly Commends FIRS on Impressive Performance

The National Assembly’s joint Committees on Finance, Budget, and National Planning have lauded the FIRS for its outstanding revenue collection performance. During the recent meeting, lawmakers emphasized the importance of sustaining the momentum to further strengthen the nation’s fiscal position.

Committee members acknowledged the leadership of Zacch Adedeji and the FIRS team, highlighting their strategic innovations as a driving force behind the success. They called for continued collaboration between government agencies to ensure that tax revenues are effectively utilized for national development.

Outlook for 2025-2027 Medium-Term Expenditure Framework

As the Federal Government looks ahead to the 2025-2027 Medium-Term Expenditure Framework, the record-breaking achievements in tax revenue collection set a positive precedent. Zacch Adedeji expressed optimism that the lessons learned and systems developed in 2024 would pave the way for even greater fiscal achievements in the coming years.

He urged all stakeholders, including businesses and individual taxpayers, to maintain compliance and support the government’s efforts to strengthen the economy. The impressive results so far, he noted, are a testament to what can be achieved through collaboration, innovation, and dedication to national progress.