The Federal Inland Revenue Service (FIRS) has commended the Armed Forces for their dedication to securing the country, which has led to a significant increase in tax revenue. FIRS Chairman, Dr. Zacch Adedeji, disclosed that for the first time in a long while, the agency has met its 2025 tax revenue target for the oil and gas sector.
The increase in tax revenue from oil production activities is largely attributed to the maintenance of peace in the Niger Delta area. This peace has resulted in greater profits for oil companies and higher tax revenue for the Federation. Adedeji emphasized that prosperity can only be achieved in an atmosphere of peace, stressing the critical importance of stakeholders in the security sector.
The FIRS chairman highlighted the importance of collaboration between the government and security agencies in ensuring peace and increasing prosperity. He commended the Armed Forces for their role in maintaining peace and safety, which has enabled the FIRS to meet its revenue targets.
The FIRS has seen a significant increase in revenue collection under Adedeji’s leadership. In 2024, the agency exceeded its revenue target of ₦19.4 trillion, collecting a staggering ₦12.3 trillion more than in 2023. This achievement underscores the efficacy of Adedeji’s strategies.
The FIRS has also implemented technology-driven compliance measures, including an electronic invoicing system. This system has enabled taxpayers to register, file, and pay taxes from the comfort of their homes or offices. Around 1,000 companies, including MTN, Huawei, and IHS, have joined the system since its launch on August 1.
President Bola Tinubu’s administration has shown commitment to supporting security personnel. Recently, the President approved the disbursement of a huge amount of money for 1,550 units of housing estate for security personnel. This move underscores the President’s appreciation for the critical role security agencies play in maintaining peace.
The Chief of Defence Staff, General Christopher Musa, commended the FIRS management team for rallying resources to meet the country’s needs and fund the operations of the Armed Forces. He emphasized that without funds, the Armed Forces would be unable to function effectively.
The FIRS has prioritized transparency and accountability in its operations. The agency has implemented reforms aimed at promoting fairness and equity in tax administration. These reforms include the establishment of an Anti-Corruption and Transparency Unit.
The FIRS and the Armed Forces have pledged to continue their partnership in promoting national development. Adedeji emphasized that the Armed Forces are critical stakeholders in sustaining peace in the country, which is essential for economic growth and prosperity.
The FIRS’ achievement in meeting its revenue target is a testament to the effectiveness of the agency’s reforms and the critical role of the Armed Forces in maintaining peace. The partnership between the FIRS and the Armed Forces will continue to drive national development and promote economic growth.
