The chairman of the Federal Inland Revenue Services ( FIRS), Mr Zacch Adedeji, has disclosed that within two years of the administration of President Bola Tinubu, non-oil revenue have grown sharply from N151 billion to N1.06 trillion, marking a major shift in Nigeria’s earnings profile.
While speaking with State House correspondents in Abuja on Tuesday, he also disclosed that oil revenue rose to N644 billion, with VAT collections tripling to N723 billion to signal stronger compliance and improved efficiency across sectors.
According to him, the federal revenue reached N3.64 trillion in September 2025, which is 411 per cent higher than the N711 billion it was in May 2023, when Mr Tinubu assumed office.
Mr Adedeji attributed the performance to reforms that streamlined taxes, eased burdens on SMEs, and introduced compliance tools like e-invoicing and new excise regulations, adding 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, confirming that unbacked Ways and Means advances from the Central Bank of Nigeria (CBN) 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.
Mr Adedeji also announced that Personal Income Tax (PIT) and Company Income Tax (CIT) reforms will begin in January 2026 to further widen Nigeria’s revenue base, reiterating that the reforms aim to cut borrowing reliance, strengthen fiscal resilience, and sustain Nigeria’s economic growth trajectory.