Federal Inland Revenue Service (FIRS) of Nigeria collected N21.6 trillion in revenue in 2024.

 Federal Inland Revenue Service (FIRS) of Nigeria collected N21.6 trillion in revenue in 2024, and the National Assembly set a target of N25 trillion for 2025. The 2025 budget for Nigeria is N49.74 trillion, with a projected deficit of N13.39 trillion. 

Explanation

• The National Assembly Joint Committee on Finance commended the FIRS for surpassing its 2024 revenue target. 
• The committee proposed a revenue target of N25 trillion for the FIRS in 2025. 
• The FIRS’s performance in 2024 was attributed to improved tax administration and enforcement. 
• The 2025 budget is called the “Restoration Budget” and focuses on defense, security, infrastructure, education, and health. 
• The budget will be funded through debt, loans, and asset sales. 

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NISER

National Assembly Hails