The Tinubu Stakeholders Forum (TSF) has hailed the efforts of Nigeria’s key revenue-generating agencies, including the Federal Inland Revenue Service (FIRS), Nigerian National Petroleum Company Limited (NNPCL), and the Nigeria Customs Service, for their exceptional performance in surpassing their revenue targets for the 2024 fiscal year.
In a statement signed by its Chairman Ahmad Sajoh and Secretary Afolabi Josiah, the group noted that facts presented at a National Assembly session on the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) are a positive reflection of the policies of the President Bola Tinubu administration.
It said: “For the avoidance of doubt, the key reforms have focused on improving business environments, streamlining tax administration, and enhancing operational transparency across critical sectors.
“The N5.7 trillion realized by FIRS from Company Income Tax (CIT), for instance, underscores that businesses in Nigeria are thriving under these reforms, enabling them to meet their tax obligations.
“We are also enthused that the agency collected N1.5 trillion in education tax for 2024, significantly exceeding the N70 billion target. We consider this a remarkable feat.
“The Customs also achieved N5.352 trillion as of September 30, exceeding its 2024 target of N5.09 trillion while NNPCL surpassed its projected N12.3 trillion revenue target for 2024 by attaining N13.1 trillion before the end of the third quarter.
“For us, the performance of these revenue-generating agencies is an indication of the progressive policies of the administration, which prioritizes efficiency, accountability, and growth in Nigeria’s public sector.
“We also acknowledged the significance of these revenues in addressing fiscal challenges, funding developmental projects, and securing a prosperous future for all Nigerians.
“And while we understand the concerns raised by the National Assembly on borrowing despite strong revenue performances, it is important to emphasize that borrowing remains a critical tool for addressing fiscal deficits and ensuring the timely execution of capital projects.
“It is our view that by strategically leveraging borrowed funds, the government can accelerate development and provide essential support to vulnerable populations while positioning the nation for long-term prosperity.”
TSF also reaffirmed its commitment to supporting President Tinubu’s vision of an economically vibrant and inclusive Nigeria and urged the citizenry to actively contribute their quota to building a sustainable and prosperous nation.