The Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has attributed Nigeria’s record revenue growth to bold fiscal reforms introduced under President Bola Tinubu’s administration. Adedeji disclosed that federal revenue surged to N3.64 trillion in September 2025, representing a 411 per cent rise from N711 billion in May 2023.
Speaking with State House correspondents in Abuja, he highlighted reforms that have reshaped the fiscal landscape, especially the rapid expansion of non-oil revenue streams. According to him, non-oil revenue rose from N151 billion to N1.06 trillion within two years, reflecting a major shift in Nigeria’s earnings profile.
Oil revenue also increased to N644 billion, while Value Added Tax (VAT) collections tripled to N723 billion, driven by stronger compliance and improved efficiency across sectors.
He credited the impressive performance to initiatives that streamlined taxes, reduced burdens on small and medium-sized enterprises (SMEs), and introduced compliance tools such as e-invoicing and updated excise regulations.
Adedeji further revealed plans to implement a presumptive tax regime to capture hard-to-tax sectors and harmonise state levies in order to broaden the tax base.
“Our goal is to build a fair, efficient, and sustainable tax system that supports growth and boosts investor confidence,” he said.
On fiscal discipline, Adedeji confirmed that unbacked Ways and Means advances from the Central Bank have been discontinued. He noted that the loans have been reclassified as federal debt, with both principal and interest now being repaid to strengthen exchange rate stability and restore confidence in the system.
Addressing concerns about borrowing, he stressed that properly legislated loans remain a necessary tool for infrastructure development.
“Borrowing funds infrastructure that generates future tax revenues from beneficiaries. This is a sustainable approach for long-term development,” he explained.
Looking ahead, Adedeji announced that reforms to Personal and Company Income Tax will commence in January 2026 to further diversify and strengthen Nigeria’s revenue base. He maintained that the reforms aim to reduce reliance on borrowing, build fiscal resilience, and sustain the country’s economic growth trajectory.
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