Edun made this announcement at the opening of the 2024 Strategic Management Retreat of the Federal Inland Revenue Service (FIRS), which centered around the theme “Re-imagining Tax Administration for Equity and Economic Growth.”

Highlighting the pivotal role of taxes in the government’s efforts to bolster revenue, Edun emphasized that this increase is crucial for addressing infrastructure deficits and establishing social safety nets for ordinary Nigerians.

Commending the FIRS management for their commitment to meeting revenue targets, Edun expressed optimism about achieving the ambitious IGR target.

He stated, “We are projecting a 77 per cent increase in IGR. Our revenue as a percentage of Gross Domestic Product (GDP) is low, below 10 per cent. It should be much higher.”

Edun further explained that the government’s focus is to shift from relying on expensive debts to domestic revenue mobilization, enabling more substantial investments in infrastructure and social services.