Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has attributed Nigeria’s remarkable revenue growth to the bold fiscal reforms implemented by President Bola Tinubu’s administration.
Mr. Adedeji reported that federal revenue reached N3.64 trillion in September 2025, representing a 411% increase from the N711 billion recorded in May 2023.
Speaking with State House correspondents in Abuja on Wednesday, the FIRS boss highlighted key achievements that are transforming the nation’s fiscal landscape, particularly the significant rise in non-oil revenue sources.
He pointed out that non-oil revenue surged from N151 billion to N1.06 trillion over a two-year span, indicating a major shift in Nigeria’s earnings structure.
Additionally, oil revenue increased to N644 billion, and VAT collections tripled to N723 billion, reflecting enhanced compliance and efficiency across various sectors.
Mr. Adedeji credited these results to reforms that simplified tax processes, reduced burdens on small and medium-sized enterprises (SMEs), and introduced compliance measures such as e-invoicing and new excise regulations.
Read Also:
- Nigeria’s Tax Revolution: FIRS records historic N3.64 Trillion in September, defends borrowing as economic lifeline
- Ballon d’Or 2025: Ousmane Dembélé wins first career title, Wiegman, Hampton shine in women’s awards
- Bayelsa’s first lady urges youths to embrace reading culture
He mentioned that a presumptive tax system will soon target sectors that are difficult to tax, and state taxes will be standardized to broaden the tax base.
“We aim to create a fair, efficient, and sustainable tax system that fosters growth and enhances investor confidence,” Mr. Adedeji emphasized.
He confirmed that uncollateralized Ways and Means advances from the Central Bank of Nigeria (CBN) have been stopped, with these loans now reclassified as federal debt.
“The debt is now secured. Both the principal and interest are being repaid, which helps maintain exchange rate stability and confidence in the system,” he stated.
Addressing concerns about borrowing, he asserted that it is a standard practice essential for economic sustainability when properly regulated and directed towards infrastructure.
“Borrowing for infrastructure that generates future tax revenues from beneficiaries is a sustainable strategy for long-term development,” he explained.
Mr. Adedeji announced that reforms for personal and corporate income taxes will commence in January 2026 to further expand Nigeria’s revenue base.
He reiterated that these reforms are designed to reduce reliance on borrowing, enhance fiscal resilience, and sustain Nigeria’s economic growth trajectory.
