FIRS Tax Collection Increases By 56% to N3.94Tn in Q1 2024

The Federal Inland Revenue Service (FIRS) has reported a 56% increase in tax collection in the first quarter of the year, reaching N3.94 trillion compared to N2.52 trillion collected in the same period last year. 

The Special Adviser to the FIRS Chairman, Femi Olarinde, credited the increase to the leadership of Dr. Adedeji and noted that the rise in taxpayers was due to the emergence of more businesses, companies, and industries in the country. 

The new FIRS leadership has simplified tax processes and payments nationwide, making them more convenient and reducing compliance and administration costs. 

In 2023, the FIRS generated N12.3 trillion in revenue, surpassing the government’s target of N11.5 trillion by 7%. 

For 2024, the government has set a target of N19.4 trillion for the FIRS, which Olarinde believes is achievable based on the 81% of expected first quarter collections. 

Additionally, 3,148 tax complaints were resolved in the first quarter, reducing the number of complaints by 18%.
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