The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has announced an ambitious target to boost the Federal Government’s Internally Generated Revenue (IGR) by 77%.
Speaking at the 2024 Strategic Management Retreat of the Federal Inland Revenue Service (FIRS) in Abuja, Edun highlighted the government’s plan to move away from relying on expensive debts.
He emphasized the critical role of tax in the government’s strategy to increase revenue, stating that the increase is crucial for addressing the existing infrastructure deficit and implementing robust social safety nets to support ordinary Nigerians.
Edun also mentioned that the government aims to shift from expensive debts to domestic revenue mobilization.
The finance minister’s announcement comes in the context of the government’s efforts to enhance revenue generation and reduce dependence on external borrowing.
Edun had previously mentioned that the Federal Government was making over N1 trillion monthly since the removal of the fuel subsidy. With a 77% increase, the government is targeting approximately N1.77 trillion monthly in internal revenue.
”The success of achieving this target will depend on the effectiveness of the government’s tax collection process, the revival of the oil and gas sector, and overall macroeconomic stability.
The increased revenue is expected to contribute to funding critical infrastructure projects and social services,” he stated.
