Nigeria’s Revenue Hits Record N3.64trn In September‎

Dr Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), has credited Nigeria’s record revenue growth to bold fiscal reforms introduced by President Bola Tinubu’s administration.

Adedeji revealed that federal revenue reached N3.64 trillion in September 2025, a 411 per cent increase from N711 billion recorded in May 2023.

Speaking with State House correspondents in Abuja, he outlined milestones reshaping Nigeria’s fiscal landscape, particularly the growth of non-oil revenue streams.

He noted that non-oil revenue grew sharply from N151 billion to N1.06 trillion in two years, marking a major shift in Nigeria’s earnings profile.

Oil revenue also rose to N644 billion, while VAT collections tripled to N723 billion, signalling stronger compliance and improved efficiency across sectors.

Adedeji attributed the performance to reforms that streamlined taxes, eased burdens on SMEs, and introduced compliance tools like e-invoicing and new excise regulations.

He added that a presumptive tax regime will soon capture hard-to-tax sectors, while state levies will be harmonised to expand the tax base.

“Our goal is to build a fair, efficient, and sustainable tax system that supports growth and boosts investor confidence,” Adedeji stressed.

He confirmed that unbacked Ways and Means advances from the Central Bank have 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.

Dismissing concerns about borrowing, he insisted it is a normal practice vital for economic sustainability when properly legislated and directed towards infrastructure.

“Borrowing funds infrastructure that generates future tax revenues from beneficiaries. This is a sustainable approach for long-term development,” he explained.

Adedeji announced that Personal and Company Income Tax reforms will begin in January 2026 to further widen Nigeria’s revenue base.

He reiterated that the reforms aim to cut borrowing reliance, strengthen fiscal resilience, and sustain Nigeria’s economic growth trajectory.

(NAN)