Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the federal government aims to boost internally generated income (IGR) by 77 per cent.
Edun spoke in Abuja on Wednesday to kick off the Federal Inland Revenue Service’s (FIRS) 2024 strategic management retreat.
The retreat was themed, ‘Re-imagining Tax Administration for Equity and Economic Growth’.
Edun stated that taxes play an important role in the government’s efforts to increase revenue, which will help bridge the infrastructural gap and construct social safety nets for ordinary Nigerians.
The minister maintains that taxes are essential to the government’s efforts to increase income, which will aid in closing the infrastructural gap and creating social safety nets that will benefit the populace.
He praised the FIRS’ for its commitment to achieve its revenue target.
“It is commendable that the FIRS is holding this retreat at the beginning of the year to rub minds on how to increase government revenue,” the minister said.
“There is a plan to increase the total overall revenue — that is tax revenue plus government revenue — to about 25% to GDP from about 14%.
“In fact from January 2, using digitisation, the federal government now takes its own share of revenue directly. It’s necessary to do that. We’re focusing not on expensive debts but on domestic results mobilisation.
“We are projecting a 77 percent increase in IGR. We believe we can achieve that target through technology and collaboration.
“Then we can assist in funding critical infrastructure revenue and at this time of reform, interventions that will assist the populace with the rise in cost of living.”