The Minister of Finance, Wale Edun, said on Wednesday the Federal Government was targeting a 77 percent increase in Internally Generated Revenue (IGR).
Edun, who is also the Coordinating Minister of the Economy, stated this at the opening of the 2024 Strategic Management Retreat of the Federal Inland Revenue Service (FIRS) in Abuja.
He said tax plays an integral role in the government’s quest to boost revenue that would help bridge the infrastructure deficit and build social safety nets to cater to ordinary Nigerians.
The minister commended the management of the FIRS for its commitment to meeting its set revenue target.
He said: “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.
“We are projecting a 77 percent increase in IGR. Our revenue as a percentage of Gross Domestic Product (GDP) is low at below 10 percent. It should be much higher.
“The government needs so much to spend on infrastructure and social services. The idea is to shift from expensive debts to domestic revenue mobilization.”