Nigeria’s federal revenue rose to N3.65 trillion in September 2025, a 411 per cent increase from N711 billion in May 2023, when the current administration came into office.
FIRS Executive Chairman, Dr. Zacch Adedeji, said the surge reflects reforms, stronger compliance, and a deliberate move toward non-oil income.
Non-oil revenue grew from N151 billion in 2023 to N1.06 trillion in 2025, a 599 per cent jump. Oil income also climbed, rising from N96 billion to N644 billion. VAT collections tripled to N723 billion, driven by tighter enforcement.
Revenue agencies also posted strong results:
-
NUPRC: N745 billion (from N125 billion)
-
Nigeria Customs Service: N322 billion (from N106 billion)
Between January and August 2025, FIRS collected N20.62 trillion, up 40.8 per cent from 2024. This surpasses its 16.4 per cent growth target and brings the N25.2 trillion goal for year-end within reach.
Adedeji linked the progress to reforms such as e-invoicing, updated excise rules, and SME-friendly policies. He revealed plans for a presumptive tax system to capture informal sectors and said state-level levies will soon be harmonised.
He also confirmed that Ways and Means advances from the Central Bank have ended. The loans were reclassified as federal debt, with repayments now in progress. This, he noted, helps stabilise the exchange rate and enforces fiscal discipline.
On borrowing, Adedeji said debt is sustainable when directed to infrastructure that generates future tax revenue. He added that reforms to Personal and Company Income Tax will begin in January 2026.
The update comes days after FIRS ordered strict compliance with withholding tax rules on short-term securities, warning banks and financial institutions against violations.
