Wednesday, September 24, 2025 - Zacch Adedeji, chairman of FIRS, has credited Nigeria’s record revenue growth to bold fiscal reforms introduced by President Bola Tinubu’s administration.
Mr 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 over a two-year period, marking a significant 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.
Mr Adedeji attributed the performance to reforms that
streamlined taxes, eased burdens on SMEs, and introduced compliance tools such
as 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,” Mr 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 for infrastructure that generates future
tax revenues from beneficiaries. This is a sustainable approach for long-term
development,” he explained
Mr 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.
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