Dr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), has attributed Nigeria’s impressive revenue growth to bold fiscal reforms introduced by President Bola Tinubu’s administration. Federal revenue reached a remarkable N3.64 trillion in September 2025, representing a significant increase from N711 billion recorded in May 2023.

In a briefing with State House correspondents in Abuja, Adedeji highlighted key milestones that are reshaping Nigeria’s fiscal landscape, particularly the surge in non-oil revenue streams. Non-oil revenue grew sharply from N151 billion to N1.06 trillion over a two-year period, marking a substantial shift in the country’s earnings profile.

He noted that oil revenue also rose to N644 billion, while Value Added Tax (VAT) collections tripled to N723 billion, indicating improved compliance and efficiency across various sectors. Adedeji credited these achievements to reforms that streamlined tax processes, alleviated burdens on small and medium enterprises (SMEs), and introduced compliance tools such as e-invoicing and new excise regulations.

Looking ahead, he mentioned plans for a presumptive tax regime to capture hard-to-tax sectors, along with efforts to harmonize state levies to broaden the tax base. “Our goal is to build a fair, efficient, and sustainable tax system that supports growth and boosts investor confidence,” Adedeji emphasized.

He confirmed that unbacked Ways and Means advances from the Central Bank have been halted, with the loans now classified as federal debt, ensuring exchange rate stability and system confidence. Adedeji dismissed concerns about borrowing, stating that it is a normal practice essential for economic sustainability when properly legislated.

Personal and Company Income Tax reforms are set to begin in January 2026 to further widen Nigeria’s revenue base. Adedeji reiterated that the ongoing reforms aim to reduce reliance on borrowing, strengthen fiscal resilience, and sustain Nigeria’s economic growth trajectory.