FIRS reports N47.39tn tax revenue under Zacch Adedeji, surpassing targets significantly in the last year.
Stronger digital systems and reforms boosted collections from oil and non oil sources nationwide recently.
The Federal Inland Revenue Service has recorded N47.39tn in tax revenue between October 2023 and September 2025. The collection happened under the leadership of the FIRS Chairman, Zacch Adedeji, who was appointed by President Bola Tinubu on September 14, 2023.
New data seen by our reporter shows the agency beat its revenue target by 15%. Both oil and non-oil income contributed to the growth, helped by digital systems and tax reforms currently in place.
The latest figure is more than double the N21.97tn collected between October 2021 and September 2023. The agency said this reflects a 115% performance against target within the two year period.
During the review period, non-import VAT performed at 137% of its target, while import VAT reached 131%. This points to better monitoring of registered companies and stronger enforcement of tax payments.
A document on the performance noted that revenue collection has continued to improve over the past two years, with non-oil taxes contributing the larger share and helping diversify Nigeria’s income base.
From January to September 2025 alone, FIRS collected N22.59tn which is 120% of its target for that period. Oil taxes made up N5.29tn, showing a 98% performance, while non-oil taxes contributed N17.3tn which is 128% of the target.
Company Income Tax from non-oil operations gave the biggest share of revenue at 32.6%. It was followed by non-import VAT with 23.2% and Petroleum Profit Tax and Hydrocarbon Tax with 17.4%. Other notable sources include Company Income Tax from upstream oil activities with 7.1%, import VAT with 7.03%, education tax with 6.1% and gas income with 2.3%.
The agency said new technology platforms such as the National Single Window and the National E-Invoicing System helped improve compliance. It also credited updated tax laws that removed loopholes and made tax processes easier for taxpayers.
FIRS believes that if the current momentum continues, total revenue by December 2025 could meet or surpass the N25.2tn internal target. Such an achievement could support government plans to finance priority projects and reduce borrowing needs.
However, the FIRS Chairman recently explained that borrowing will still remain part of government financing. He told reporters at the State House that loans are included in the approved budget and remain a normal part of economic planning.
Adedeji said the goal is to balance revenue growth with national development needs and that borrowing within approved limits is not a problem for the economy.
