The Federal Inland Revenue Service (FIRS), under the leadership of Zacch Adedeji, is optimistic about achieving its ambitious revenue target of ₦19.4 trillion for 2024. This confidence is rooted in the progress made so far this year, with Adedeji stating that the FIRS is on track to meet the target. He highlighted this during a stakeholder engagement in Lagos with members of the Senate and House Committees on Finance.
Adedeji also emphasized the need for updated legislation to regulate emerging sectors like cryptocurrency, which is rapidly growing in Nigeria.
He mentioned that the FIRS is working on a bill to overhaul revenue administration, harmonize tax laws, and regulate the crypto industry in a manner that supports Nigeria’s economic development. This effort includes updating outdated laws such as the Stamp Duty Act of 1939.
Furthermore, the recent 7.5% VAT on crypto transaction fees and the lifting of the ban on banks operating accounts for crypto service providers reflect Nigeria’s shift towards a more regulated but open approach to cryptocurrency. Adedeji also acknowledged the support of the National Assembly in these efforts, particularly in approving a windfall tax to enhance revenue collection.
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The engagement with the legislators also focused on the importance of innovation, transparency, and accountability in revenue generation. Both the Senate and House Committee Chairs pledged their continued support and collaboration with the FIRS to ensure that Nigeria meets its revenue goals and fosters national development.
