STATES’ INTERNAL REVENUE COLLECTION SURPASSES N2 TRILLION – ADEDEJI

The executive chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed that the Inland Revenue Service (IRS) of various states has seen improvements in revenue collection, reaching a milestone of N2 trillion for the first time. Adedeji made this revelation on Wednesday in Abuja during the 154th meeting of the Joint Tax Board (JTB), focusing on “Optimising Tax Administration: Leveraging Harmonisation of Taxes via Digital Transformation.”

He highlighted, “The FIRS recorded an unprecedented collection of N12.3 trillion in 2023, reinforcing our belief that, with proper actions and competent individuals in key positions, seemingly impossible goals can be achieved. We are also witnessing promising performance at the sub-national level, with figures on track to surpass the N2 trillion threshold for the first time.”

Adedeji emphasized the service’s interest in nominal growth rates and expressed the commitment to innovation in positioning the JTB as a hub for groundbreaking ideas aligned with its mandate, technologies, and tax administration approach. He mentioned plans to streamline internal processes to enhance organizational efficiency and responsiveness visibly and impactfully.

Sani Abdulqadir Dambo, the executive chairman of Kano Inland Revenue Service (KIRS), also shared insights, revealing the state’s successful migration to digital revenue collection, resulting in a revenue collection of N3.6 billion for January. Dambo further outlined plans to achieve N5 billion monthly and potentially reaching N10 billion with the state’s commercial activities and potential.

Philip Shimnom Clement; From the News Source: DailyTrust