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.

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This reprieve followed the initial revocation of over 4,700 titles by the FCT Administration, some of which had been owing for up to 43 years.

Before the president’s intervention, several defaulting properties had already been sealed off. While the grace period offered a lifeline to settle outstanding debts, affected property owners were also slammed with additional penalties ranging from N2 million to N5 million, depending on location on top of the backlog of unpaid rents.

An official at the Abuja Geographical Information System (AGIS), speaking off the record, confirmed the expiration of the grace period but said there’s been no official communication yet on what the next enforcement steps will be. The source noted that many defaulters have made payments, though it remains unclear if high-profile institutions like the Federal Inland Revenue Service, the PDP, and Ibro Hotels whose properties were earlier sealed are among those that have complied.

Meanwhile, the FCT Minister’s Special Assistant on Public Communication, Lere Olayinka, explained that payments are being processed online via Remita, making real-time tracking of payees difficult.

For now, AGIS says payments will still be accepted until further notice, as no directive has been given to halt the process. The crackdown by the Wike-led FCT administration earlier affected a wide range of properties, from private residences and corporate offices to diplomatic missions and political party headquarters.

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The loan came from the International Development Association, a branch of the World Bank that gives credit to developing countries.

The Federal Ministry of Finance confirmed that it asked the World Bank to cancel $9.5 million tied to unmet goals and another $0.9 million left unused. Nigeria was expected to complete several tasks, but it fell short on many

One key failure was a $4 million audit of two major agencies   the Federal Inland Revenue Service and Nigeria Customs Service. The audit was poorly done and didn’t meet global standards. The country also failed to launch a National Budget Portal, which had a $1 million budget. No proof of progress was submitted.

Another project that failed was the Revenue Assurance and Billing System. This system was meant to track foreign income from government agencies and send the money directly to the national treasury. Only 27 out of 55 agencies set up the needed accounts. The process to move the funds automatically was not in place. Contract issues and delays from the Central Bank also slowed progress.

Because of these setbacks, the system won’t be ready until August 2025. But the loan program ends in June. So the country can’t use the money even if the project is finished later.

Despite the problems, the World Bank said Nigeria made some progress. The country improved its non-oil income, reaching 153% of its 2024 target. This growth came from exchange rate changes and better digital tax systems like TaxProMax. Nigeria also published more public finance data than expected.

But capital projects were slow. The government only used 50% of the funds for construction and infrastructure, far below the 65% goal. The World Bank rated the monitoring of the project as “moderately unsatisfactory.

So far, Nigeria has used $96.04 million of the $103 million loan. The remaining $10 million is lost. At today’s exchange rate, that’s about ₦15.77 billion. That money could have funded 40 primary health care centres, 300 boreholes, or 500 electricity transformers for underserved communities. A single health centre costs ₦120 million. A borehole is about ₦20 million, and a transformer is around ₦10 million.

While losing this money, Nigeria is also working on a new project. The government has pledged $50 million to the Nigeria Wholesale Impact Investment Fund. It aims to grow the fund to $100 million and support businesses in farming, technology, and public works.

At a recent meeting in Abuja, Finance Minister Wale Edun said the goal is to create jobs and grow the economy. The fund will also work with the African Development Bank to help young business owners. Edun promised that the money would be used with full transparency and clear results.

Still, many experts worry. Economist Joseph Momoh said the problem is that Nigeria reacts too late. He believes the country fails to meet simple requirements that would unlock more funds. “We knew what was expected,” he said. “If we had met the deadlines, this money could have changed lives.”

The lost $10 million shows how poor planning and late action can cost the country badly. If Nigeria wants progress, it must act sooner and follow through.

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Justice Obiora Egwuatu, who presided over the case, stated that Garunbaba failed to provide credible evidence showing that his real estate acquisitions were funded by legitimate earnings.

The confiscated properties include a four-bedroom terrace maisonette in Barumark Groove Estate, Abuja, bought under the name MYZ Venture, and a second property at No. 5 Lodge Road, Kano. Despite legal challenges, Garunbaba was unable to justify the origins of the funds used for these purchases.

The Economic and Financial Crimes Commission (EFCC), which filed the case under reference number FHC/ABJ/CS/876/2021, argued that these properties were acquired using illicit funds. According to the EFCC, the Advance Fee Fraud and Other Fraud Related Offences Act of 2006 empowers the court to confiscate assets linked to fraudulent activities. A prior interim forfeiture order had been publicized, but no valid counterclaim was presented, leading to the final ruling.

Investigations revealed a deep-rooted fraud scheme within the FIRS, where Garunbaba and his associates manipulated the Duty Tour Allowance (DTA) system between 2017 and 2018. They fabricated travel claims to divert millions of naira, with funds systematically distributed among senior FIRS officials.

EFCC investigator Apagu Wudah testified that Garunbaba’s written confession, made in the presence of his legal representative, exposed a wide-scale embezzlement network. His statement detailed how over N269 million was misappropriated, implicating high-ranking officials such as Peter Hena (who received N145 million), Bello Auta (who took N95 million), and Aminu Sidi (who pocketed N29.3 million).

The funds were funneled through multiple channels, including a bureau de change operator, Wan Jafar Shehu, and directly into Garunbaba’s Stanbic IBTC Bank account (9301540597).

Further forensic analysis confirmed that Garunbaba purchased the Abuja property for N65 million via First Bank transfers to Barumark Investment and Development Company Ltd, while the Kano residence was bought for N39 million from Alakhillau Enterprises, owned by Adamu Muhammed. Investigators concluded that these transactions far exceeded his legitimate earnings as a public servant.

With the forfeiture now finalized, the Nigerian government has assumed ownership of the properties, reinforcing its zero-tolerance stance on financial crimes. The EFCC has hinted at further probes and legal proceedings as part of its ongoing efforts to eliminate corruption within government institutions.

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He made this statement during a public hearing on the Tax Reform Bills. Akpabio argued that despite low tax compliance, citizens continue to demand improved infrastructure and public services.

His remarks have drawn strong criticism from major labour unions and economic stakeholders.

Labour Unions Dispute Akpabio’s Claims

The Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and the Nigeria Employers’ Consultative Association (NECA) have all rejected Akpabio’s assertion. They blame government inefficiency and lack of transparency for the country’s tax challenges.

Dr. Tommy Okon, Deputy President of TUC, dismissed Akpabio’s statistics, questioning the accuracy of his data. He pointed out that if tax compliance were truly low, the Federal Inland Revenue Service (FIRS) would not consistently exceed its revenue targets.

Okon emphasized that workers do not evade taxes because deductions are made directly from their salaries. Instead, he argued, wealthy individuals exploit loopholes to avoid taxation.

NECA Blames Government for Tax Avoidance

Adewale-Smatt Oyerinde, Director-General of NECA, also weighed in on the issue. He acknowledged that tax compliance in Nigeria is low but placed the blame on the government.

He argued that Nigerians see little benefit from their taxes, making them reluctant to comply. According to him, without proper accountability and transparency, tax reforms will not change public perception.

Tax Reform Bills Under Scrutiny

The Tax Reform Bills, sent by President Bola Tinubu to the Senate and House of Representatives on October 3, 2024, have fueled intense debates on Nigeria’s fiscal policies.

The proposed laws include:

• Nigeria Tax Bill (NTB) 2024
• Nigeria Tax Administration Bill (NTAB) 2024
• Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024
• Joint Revenue Board (Establishment) Bill (JRBEB) 2024

Senator Sani Musa, Chairman of the Senate Committee on Finance, revealed that Tinubu urged lawmakers to create “workable laws” that will boost economic growth and improve fiscal stability.

Economic Stakeholders Support Tax Reforms

Despite opposition from labour unions, some economic bodies have expressed support for the tax reforms.

Organizations backing the bills include:

• Nigerian National Petroleum Company Limited (NNPCL)
• Revenue Mobilisation and Fiscal Allocation Commission (RMFAC)
• National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA)
• Institute of Chartered Accountants of Nigeria (ICAN)

Mele Kyari, Group CEO of NNPCL, described the reforms as a “game-changer” for the oil and gas industry. He believes the new laws will simplify Nigeria’s tax system.

Similarly, Dr. Mohammed Shehu, Chairman of RMFAC, called for fair revenue distribution among states. He emphasized that tax revenues should benefit the regions that generate them.

Akpabio Defends Tax Reforms

Akpabio has responded to the criticism, addressing social media misinformation about the bills. He urged Nigerians to engage with the legislative process instead of forming opinions based on online debates.

He also pointed out the inequitable tax distribution in Nigeria. Using an example, he explained that if a brewery operates in Ogun State but has its headquarters in Lagos, the tax revenue is collected in Lagos. This, he argued, creates an unfair system where host states receive little benefit.

The Tax Reform Debate Continues

As discussions over tax compliance, revenue distribution, and government accountability continue, Nigeria finds itself at a critical crossroads.

Labour unions, businesses, and lawmakers all seek a tax system that aligns with their interests. Whether these reforms will bring real economic change or remain another contested policy remains to be seen.

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The Nigerian Senate descended into a stormy session on Wednesday as a contentious debate over the federal government’s proposed tax reform bills sparked sharp disagreements among lawmakers.

The session, presided over by Deputy Senate President Jibrin Barau, turned chaotic when Senate Leader Opeyemi Bamidele announced plans to admit a federal government team into the chamber to present the landmark tax reform proposals.

The visitors, led by Dr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), included Tanimu Yakubu, Director General of the Budget Office, and Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.

Their mission was to brief lawmakers on four key tax reform bills aimed at overhauling Nigeria’s tax system and introducing measures to provide relief for low-income earners and small businesses.

Trouble began when Bamidele invoked Senate Order 12 (1) to suspend regular rules and admit the guests. This move drew immediate opposition from Senator Abdul Ningi, who questioned the legality of the decision, citing Senate rules that outline specific categories of individuals allowed into the chamber. While Bamidele clarified that the suspension of Order 12 was intended to permit the visitors, the debate became more heated.

Deputy Senate President Barau defended the invitation, arguing that the presentation was necessary to educate both lawmakers and the public on the proposed tax reforms.

Minority Leader Senator Abba Moro seconded the motion, and the Serjeant-at-Arms escorted the federal government officials into the chamber. However, the situation took a dramatic turn when former Senate Chief Whip Senator Mohammed Ali Ndume raised strong objections.

Ndume argued that the tax reform bills were not listed on the Order Paper for the day’s session, a violation of Senate procedures. He insisted that discussing such a significant matter without proper documentation undermined legislative integrity. “This is too important a matter to bypass established protocols,” Ndume declared, urging his colleagues to prioritize transparency and due process.

He emphasized the sensitivity of the tax reforms, noting the overwhelming public interest and concerns. “Our people are watching. Nigerians have spoken, and we must respect their voices. Matters like these cannot be rushed or handled carelessly,” he said, stressing the need for a supplementary Order Paper to properly reflect the matter before discussion.

Despite Ndume’s fervent plea, Barau dismissed his objections, ruling him out of order and allowing the presentation to proceed. Barau accused Ndume of engaging in unnecessary rhetoric, asserting that the Senate was well within its authority to admit the guests and discuss urgent national matters. This ruling further inflamed tensions, leading to a rowdy chamber as lawmakers voiced their frustrations.

Once order was restored, the federal government team addressed the Senate, presenting the four proposed tax reform bills: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill. They explained that the bills sought to modernize Nigeria’s outdated tax laws, simplify the country’s complex tax system, and enhance revenue generation.

The team emphasized that the reforms were designed to be pro-poor, exempting low-income earners and small businesses from income taxes while streamlining tax administration for greater efficiency. They assured lawmakers that the reforms aimed to stimulate economic growth, reduce inequality, and align Nigeria’s tax system with global best practices.

Despite the assurances, the tension in the chamber underscored deep divisions among lawmakers regarding the handling of the tax reform debate. While some senators welcomed the reforms as a step toward economic modernization, others remained skeptical, calling for a more inclusive and transparent approach to legislative deliberations.

As the session closed, it was clear that the debate over Nigeria’s tax reforms was far from over, with lawmakers and stakeholders bracing for further discussions on one of the most contentious policy issues in recent times.

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Speaking during an interactive session on the 2025–2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) in Abuja on Monday, Adedeji emphasized that borrowing is embedded in the government’s budgetary plans. The session was organized by the National Assembly Joint Committees on Finance, National Planning, and Economic Affairs.

Addressing concerns raised by Senator Adamu Aliero (PDP-Kebbi) over the continued loan approvals despite surplus revenue, Adedeji clarified that borrowing is a planned component of the government’s fiscal strategy.

“Borrowing is part of what has been approved by the National Assembly for the Federal Government. Surpassing revenue targets does not negate the activation of the borrowing component stipulated in the Appropriation Act,” he said.

The Minister of Budget and Economic Planning, Senator Atiku Bagudu, further explained that borrowing is essential to bridging the N9.7 trillion deficit in the N35.5 trillion 2024 budget.

“Despite surpassing revenue targets, borrowing remains crucial for budget funding and addressing deficits, particularly to enhance productivity for the poorest and most vulnerable Nigerians,” Bagudu stated.

He also highlighted the government’s Agenda 2050, which aims to achieve a GDP per capita of $33,000, as a framework for Nigeria’s long-term economic development.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, expressed optimism about Nigeria’s economic trajectory, crediting President Bola Tinubu’s administration for implementing reforms.

“Decisions on petroleum pricing and foreign exchange reforms have sent positive signals to investors,” Edun noted, adding that strategic measures for the 2025 budget would further position Nigeria for growth.

Several revenue-generating agencies reported exceeding their 2024 fiscal targets during the session. The Nigeria Customs Service (NCS) announced generating N5.352 trillion as of September 30, surpassing its N5.09 trillion target, with projections of N6.3 trillion for 2025. The Nigerian National Petroleum Company Limited (NNPCL) reported revenue generation of N13.1 trillion against a projection of N12.3 trillion, with a 2025 projection of N23.7 trillion. FIRS disclosed significant achievements, including N5.7 trillion in Company Income Tax against a N4 trillion target and N1.5 trillion from Education Tax, exceeding its N70 billion target.

Meanwhile, the Nigerian Senate recently approved President Tinubu’s $2.2 billion external borrowing request to fund ongoing projects in the 2024 Appropriation Act. The Senate Committee on Local and Foreign Debts, led by Senator Aliyu Wammako (APC-Sokoto), endorsed the loan, citing its necessity for national development.

Despite successes reported by some agencies, the Nigerian Immigration Service faced criticism for its unclear revenue performance. Senator Sani Musa (APC-Niger) urged the service to clarify its Public-Private Partnership for passport production and reappear before the committee.

The government maintains that strategic borrowing is vital to meeting fiscal targets, enhancing economic productivity, and driving long-term growth.

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