Nigeria’s IGR jumps 411% from ₦711bn to ₦3.635trn in 2025
Naijaonpoint Media reports that Nigeria’s internally generated revenue (IGR) has grown by 411 percent in just over two years, according to Sunday Dare, spokesperson to President Bola Tinubu.
Dare, in a statement on Tuesday, revealed that federation revenue rose from ₦711 billion in May 2023 to ₦3.635 trillion by September 2025.
He said the country was close to a financial collapse before the reforms introduced by Tinubu’s administration.
“A little over two years ago, Nigeria stood dangerously close to a fiscal cliff. Federation revenue was just ₦711 billion. Debt servicing consumed nearly all government earnings. Deficits were ballooning. Many feared Nigeria was inching toward insolvency — unable to service debts, fund development, or inspire confidence at home or abroad,” Dare noted.
He explained that the turnaround was the result of deliberate reforms and strong leadership. “By September 2025, federation revenue surged to ₦3.635 trillion — a remarkable 411 percent increase. This leap is not an accident. It is the product of deliberate choices, bold reforms, and the steady hand of leadership. And this is where President Bola Ahmed Tinubu’s savvy came in,” he said.
Drawing parallels with Lagos, Dare recalled Tinubu’s revenue reforms as governor in 1999. “Then, Lagos was crippled by low revenues and dependent almost entirely on federal allocations. Tinubu built the foundations of an IGR system that today makes Lagos the fifth-largest economy in Africa,” he said.
He highlighted the revenue growth breakdown:
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NNPC: ₦111 billion remitted.
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NUPRC: collections grew from ₦125 billion to ₦745 billion.
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FIRS: oil taxes up 571%, non-oil revenues up 599%, crossing the trillion-naira mark for the first time.
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VAT: more than tripled.
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Customs: revenues doubled.
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Electronic Money Transfer Levy: up 127%.
Dare argued that without the reforms, Nigeria would have collapsed under deficits and debt servicing.
He credited Tinubu for removing fuel subsidies, harmonizing exchange rates, digitizing government processes, blocking leakages, and applying political will.
“The result is a Nigeria that is no longer staring into the abyss of insolvency but standing on firm ground. A Nigeria that now has the resources to fund infrastructure, strengthen healthcare, expand education, and restore hope,” Dare said.
He described the achievement as a “renewal of Nigeria’s economic promise,” adding that Tinubu’s leadership has consistently turned weaknesses into strengths across his political career.