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In a bid to deepen tax responsibility and formalise Nigeria’s small business ecosystem, the Federal Inland Revenue Service (FIRS) has honoured Raw Food and Beauty Research Limited, a micro, small, and medium enterprise (MSME), with a ₦2 million cash prize and a brand-new car for demonstrating outstanding tax compliance.
The recognition was presented during the National MSME Awards ceremony held in Abuja, where Dr. Dick Irri, Coordinating Director of the Government Business and Medium Taxpayers Group, represented the Executive Chairman of FIRS, Dr. Zacch Adedeji.
According to Dr. Irri, the initiative specifically targets MSMEs that have taken proactive steps to register online, enter the national tax database, file Value Added Tax (VAT) and corporate tax returns promptly, and ensure timely remittance of statutory payments.
“This initiative is designed to support businesses from their early nano or micro stages all the way to becoming medium and large-scale enterprises. Tax compliance is a key part of that journey,” Dr. Irri stated.
Now in its seventh year, the programme is a flagship component of the FIRS’ strategy under Dr. Adedeji’s leadership to promote voluntary tax compliance through positive reinforcement.
Each year, the agency rewards top-performing MSMEs with automobiles and financial grants, sending a strong message that tax discipline not only contributes to national revenue but also drives business credibility and growth.
“It’s not just about revenue; it’s about fostering formalisation, financial discipline, and long-term business sustainability,” Dr. Irri added.
Beyond individual recognition, the awards event spotlighted ongoing FIRS initiatives aimed at transitioning businesses from the informal to the formal sector, aligned with national economic reform goals.
Dr. Adedeji, in a statement delivered at the ceremony, reaffirmed FIRS’ commitment to educating and supporting MSMEs, particularly those unfamiliar with tax obligations. Through its Taxpayer Service Department, the Service provides tailored education, advisory services, and guidance on proper record-keeping and tax reporting.
“We recognise that not all businesses fall within the taxable threshold or operate in sectors subject to taxation. However, formalisation is the first step toward business growth and access to institutional support,” he explained.
He emphasised that encouraging MSMEs through incentives and capacity-building is central to achieving a sustainable tax base and advancing inclusive economic development.
The National MSME Awards, held annually, celebrate indigenous enterprises that exemplify responsible business conduct and contribute significantly to Nigeria’s socio-economic progress.
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