Abuja: Nigeria’s revenue has soared to an unprecedented N3.64 trillion in September 2025, marking a significant increase from the N711 billion recorded in May 2023. Dr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), attributed this remarkable growth to bold fiscal reforms implemented by President Bola Tinubu’s administration.
According to News Agency of Nigeria, Adedeji highlighted these milestones during a discussion with State House correspondents in Abuja, emphasizing the transformative impact on Nigeria’s fiscal landscape, with notable progress in non-oil revenue streams. The non-oil revenue rose sharply from N151 billion to N1.06 trillion over two years, indicating a substantial shift in Nigeria’s earnings profile.
The oil revenue also experienced growth, reaching N644 billion, while Value Added Tax (VAT) collections tripled to N723 billion, reflecting stronger compliance and improved efficiency across sectors. Adedeji credited these results to reforms that streamlined taxes, reduced burdens on small and medium enterprises (SMEs), and introduced compliance tools such as e-invoicing and new excise regulations.
He further mentioned that a presumptive tax regime will soon address hard-to-tax sectors, and state levies will be harmonized to broaden the tax base. “Our goal is to build a fair, efficient, and sustainable tax system that supports growth and boosts investor confidence,” Adedeji emphasized.
Additionally, Adedeji confirmed that unbacked Ways and Means advances from the Central Bank have been halted, with these loans now reclassified and treated as federal debt. “The debt is now collateralised. Both principal and interest are being repaid, ensuring exchange rate stability and system confidence,” he stated.
Addressing concerns about borrowing, Adedeji explained that it is a common practice essential for economic sustainability when properly legislated and directed towards infrastructure. “Borrowing funds infrastructure that generates future tax revenues from beneficiaries. This is a sustainable approach for long-term development,” he clarified.
Looking ahead, Adedeji announced that Personal and Company Income Tax reforms will commence in January 2026 to further widen Nigeria’s revenue base, reinforcing the government’s commitment to enhancing the nation’s fiscal strength.