The Federal Inland Revenue Service (FIRS) the Nigerian National Petroleum Corporation Limited (NNPCL) and the Nigeria Customs Service (NCS) disclosed before the National Assembly on Monday that they had already surpassed their budgetary revenue target for 2024.
The Chairman of the FIRS, Zacch Adedeji, said the Federal Government generated N1.5tn in education tax, a substantial amount above its N70bn target.
Adedeji made this known yesterday during an interactive session with the National Assembly’s joint Committees on Finance, Budget and National Planning on 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper.
The revenue generating agencies, in their separate presentations before the joint committees on 2024 budget performance and revenue projections for N49.7tn 2025 budget, made excess revenue target submissions in the 2024 fiscal year.
This revelation of education tax profit came to the fore amid lamentations on recent school fee hike across the board.
According to Adedeji, on Company Income Tax, N4tn was targeted but N5.7tn has been realised now.
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He said: “On Education tax, while N70bn was targeted, a total of N1.5tn has been realised.
“All in all, out of N19.4tn targeted for 2024 fiscal year, N18.5tn was realised as of the end of September, which clearly shows that the target will be far exceeded by the end of the year.”
The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Mele Kyari, in his own presentation, said the company exceded the N12.3tn revenue projected for 2024 by already raking in N13.1tn.
He said: “For the 2025 fiscal year, N23.7tn is projected by the NNPCL to be remitted into the Federation Account.”
In his own presentation, the Comptroller-General of NCS, Bashir Adeniyi, stated that as of September 30, Customs had raked in N5.35tn revenue, which is above N5.09tn targeted for the entire 2024 fiscal year.
He added that N6.3tn was targeted as projected revenue for 2025, 10% increase of which would be the revenue target for 2026 and an additional 10% increase for the 2027 fiscal year.
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