The Federal Inland Revenue Service (FIRS) has achieved its 2025 oil and gas tax revenue target months ahead of schedule, a milestone the agency attributes to improved security in the Niger Delta and increased production volumes.
FIRS Chairman, Zacch Adedeji, announced the feat on Wednesday in Abuja, noting that the peace in oil-producing areas had boosted industry profits and, by extension, government revenues.
“For the first time in a long while, we met our oil and gas target, which is actually as a result of the peace that has been maintained where oil and gas facilities are located,” Adedeji said.
The development aligns with President Bola Tinubu’s fiscal agenda to strengthen non-debt revenue and stabilise the economy through subsidy reforms, broader tax collection, and enhanced security for critical infrastructure.
Nigeria’s oil and gas sector remains the country’s largest source of foreign exchange, despite years of output disruptions, theft, and fluctuating global prices. Adedeji stressed that security is central to sustaining this progress.
“Production is happening and companies are making more profit from it,” he said, linking economic growth directly to regional stability.
The announcement came during a courtesy visit by General Christopher Musa, Chief of Defence Staff (CDS), to the FIRS headquarters. The visit underscored growing coordination between fiscal authorities and the Armed Forces in safeguarding national assets and driving development.
Adedeji commended the military’s role in securing oil installations and pledged continued collaboration. He also highlighted President Tinubu’s recent approval for the construction of 1,550 housing units for security personnel as part of efforts to improve military welfare and operational capacity.
“You are also critical to our success,” he told the CDS, acknowledging the Armed Forces’ contribution to revenue generation.
General Musa, in his remarks, credited FIRS’s performance under Adedeji’s leadership, describing it as transformative and claiming revenue generation had increased nearly tenfold since the current administration took office — a figure yet to be independently verified.
“For us in the Armed Forces, we are nothing without funds. To even buy the big guns we are carrying will be difficult without the funding,” he said.
Musa also used the occasion to promote the upcoming African Chiefs of Defence Staff Conference, scheduled for August 25–27 in Abuja — the first time Nigeria will host the event. The conference aims to deepen continental security cooperation and push for African-led solutions to regional conflicts.
“If you don’t sit down and handle your own situation yourself, nobody will,” Musa said, warning against overreliance on external actors in addressing Africa’s security challenges.
FIRS’s early attainment of its oil and gas revenue target is expected to reassure investors and development partners monitoring Nigeria’s fiscal performance. However, analysts note that non-oil revenues remain weak, leaving the government reliant on the petroleum sector to fund infrastructure, defence, and other critical expenditure without resorting to further borrowing.
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