The Federal Inland Revenue Service (FIRS) is set to implement a robust strategy aimed for a staggering 57% increase in tax revenue, targeting N19.4 trillion for the year 2024.
As disclosed in reports from Bloomberg, the FIRS is eyeing a split between oil and non-oil revenue, with plans to achieve N9.96 trillion from oil and N9.45 trillion from non-oil sectors.
“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%,” the report stated.
The strategy involves a comprehensive overhaul of the organizational framework, prioritizing taxpayers and incorporating advanced automation measures to enhance efficiency and tax compliance.
FIRS intends to execute internal reallocation, shifting focus from oil to non-oil, aligning with President Bola Tinubu’s broader fiscal reforms.
