The Federal Inland Revenue Service (FIRS) has revealed plans to significantly increase its tax revenue collection by 57% to N19.4 trillion.
According to the document quoted by Bloomberg, the FIRS hopes to increase its oil revenues to N9.96 trillion with non-oil tax revenue at N9.45 trillion.
To achieve this, the FIRS plans to enhance efficiency and tax compliance by restructuring its organizational framework to prioritize taxpayers and implementing additional automation measures for tax collection, as outlined in the document.
It also plans to carry out internal reallocation from oil to non-oil. It stated, “carry out internal reallocation from oil to non-oil, given that the budget oil revenue for 2024 was increased by 214% compared to 2023 actual, while non-oil was increased by only 3%,”
President Bola Tinubu has instituted reforms aimed at increasing revenues accruing to the government’s coffers. However, the President has always made it known that he hopes to tax the “seed” but the fruits.