Tinubu’s Reforms Drive Nigeria’s Revenue to Record N3.64trn – FIRS Boss
By Matthew Eloyi
Nigeria’s revenue profile has witnessed an unprecedented leap following bold fiscal reforms introduced by President Bola Tinubu’s administration, the Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has said.
Adedeji disclosed that federal revenue soared to N3.64 trillion in September 2025, representing a 411 per cent surge from N711 billion recorded in May 2023.
Speaking with State House correspondents in Abuja, he highlighted significant milestones reshaping the country’s fiscal outlook, particularly the expansion of non-oil revenue sources.
According to him, non-oil earnings grew sharply from N151 billion to N1.06 trillion within two years, signalling a historic shift in Nigeria’s revenue mix. Oil receipts also climbed to N644 billion, while Value Added Tax (VAT) collections more than tripled to N723 billion, driven by stronger compliance and improved efficiency across sectors.
Adedeji credited the performance to reforms that streamlined taxes, reduced burdens on small and medium enterprises, and introduced compliance tools such as e-invoicing and new excise regulations. He added that a presumptive tax regime would soon capture hard-to-tax sectors, while state levies would be harmonised 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 stressed.
The FIRS chairman also confirmed that unbacked Ways and Means advances from the Central Bank had been halted, with the loans 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 said.
On borrowing, Adedeji dismissed concerns, insisting it remains a normal practice when properly legislated and directed at infrastructure.
“Borrowing funds infrastructure that generates future tax revenues from beneficiaries. This is a sustainable approach for long-term development,” he explained.
He further announced that reforms on Personal and Company Income Tax would commence in January 2026 to widen Nigeria’s revenue base, cut reliance on borrowing, strengthen fiscal resilience, and sustain economic growth.
