September 24, (THEWILL) — The Federal Inland Revenue Service (FIRS), on Tuesday, disclosed that Nigeria’s revenue generation increased from N711 billion in May 2023 to N3.64 trillion in September 2025, representing an increase of 411%.
Chairman of FIRS, Zacch Adedeji, who disclosed this to newsmen, attributed the revenue surge to sweeping fiscal reforms and enhanced compliance mechanisms under President Bola Tinubu’s administration.
A breakdown of the revenue figures by Adedeji revealed that non-oil tax collections experienced the sharpest rise, increasing from N151 billion to over N1 trillion.
Oil revenue also increased considerably, with receipts rising from N96 billion to N644 billion.
Value Added Tax (VAT) receipts more than tripled to N723 billion from N218 billion, while customs revenue surged to N322 billion from N106 billion.
The Nigerian Upstream Petroleum Regulatory Commission, he said, also reported remittances jumping to N745 billion from N125 billion, and the Nigerian National Petroleum Company contributed N111 billion in September 2025.
Despite the huge revenue inflows, Adedeji, however, justified the borrowing plan of the Federal Government.
He explained that the Federal Government, under President Tinubu, is not borrowing beyond the 2025 budget approved by the National Assembly; rather, the borrowing is strategically aimed at mitigating future cost escalations, ensuring continuity, and adhering to the principle of fiscal matching.
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