The Federal Inland Revenue Service (FIRS) announced a revenue collection of N21.6 trillion for the year 2024, surpassing its target of N19.4 trillion. This was disclosed by the Executive Chairman of FIRS, Zacch Adedeji, during his keynote address at the opening of a two-day 2025 FIRS Management retreat held at Fraser Suites, Abuja, on Thursday. The Service has set a revenue target of N25.2 trillion for 2025.

Comparative Analysis of FIRS Revenue in Dollar Terms

While the revenue figures in Naira show significant growth over the past three years, a comparative analysis in US Dollars reveals the impact of the massive devaluation of the local currency on the real value of collections.

- 2022:

  - Revenue: N10.18 trillion

  - Average Exchange Rate: $1 = N454

  - Value in USD: $22.42 billion

- 2023:

  - Revenue: N12.37 trillion

  - Average Exchange Rate: $1 = N700

  - Value in USD: $17.67 billion

- 2024:

  - Revenue: N21.6 trillion

  - Average Exchange Rate: $1 = N1,465

  - Value in USD: $14.74 billion

Despite the growth in Naira terms, the real value of FIRS collections in USD has declined over the past three years due to the depreciation of the Naira. In 2022, the revenue was worth $22.42 billion, but by 2024, it had decreased to $14.74 billion, reflecting the challenges posed by continuous devaluation of the Naira.