The chairman of Nigeria’s Federal Inland Revenue Service (FIRS), Zacch Adedeji, has attributed the country’s record-breaking revenue figures to the sweeping fiscal reforms initiated under President Bola Tinubu’s administration.
Adedeji told State House reporters in Abuja that federal revenues rose to N3.64 trillion in September 2025, up from N711 billion in May 2023, representing an unprecedented increase of 411 percent. He disclosed that non-oil revenue surged from N151 billion to N1.06 trillion over the same period, signaling a strong shift in income sources for the federal government.
Oil revenue also saw growth, reaching N644 billion, while Value-Added Tax (VAT) collections nearly tripled to N723 billion, trends that Adedeji said reflect improved tax administration and compliance across the country.
These results, he explained, stem from reform measures such as the adoption of e-invoicing, revised excise tax rules, streamlined tax processes for small and medium enterprises and the imminent roll-out of presumptive taxation aimed at sectors difficult to tax. Efforts are also underway to harmonize state levies to broaden the tax base.
Highlighting fiscal discipline, Adedeji said unbacked Ways and Means advances from the Central Bank have been discontinued; those obligations have now been reclassified as federal debt, with both principal and interest being serviced to foster stability and confidence in the system.
Looking ahead, he announced intentions to implement reforms for personal and company income tax beginning January 2026, with the stated goals of reducing dependency on borrowing, building resilient revenue sources, and maintaining momentum in Nigeria’s economic growth.
Credit: NAN
