FIRS collects N20.62trn tax revenue in eight months
The Federal Inland Revenue Service (FIRS) says it collected N20.62 trillion in tax revenue between January and August 2025.
Zacch Adedeji, FIRS chairman, announced this on Tuesday while briefing State House correspondents in Abuja.
According to him, the figure represents a 40.8 percent increase compared to the same period in 2024 and far exceeds the 16.4 percent baseline growth target set for the year.
“An evaluation of revenue collection performance as of August 31, 2025, indicates an upward trajectory relative to the corresponding period in 2024,” Adedeji said.
“The growth rate stands at 40.8 percent, translating to N20.62 trillion, substantially exceeding the baseline growth target of 16.4 percent. This favourable increase highlights the accelerated pace of revenue collection against 2024 and highlights continued momentum toward achieving the 2025 revenue target.”
He noted that the agency’s total revenue target for the year is N25.2 trillion.
Oil and non-oil revenues
Adedeji said oil tax revenue stood at N4.98 trillion as of August 31 — a 19.4 percent rise from N4.18 trillion recorded in the same period last year.
On the other hand, non-oil tax revenue grew sharply to N15.67 trillion, up from N10.47 trillion in 2024 — representing a 49.7 percent increase.
“This increase once again underscores the strengthened tax compliance measures and enhanced enforcement strategies implemented by the service,” he added.
‘Reforms have placed Nigeria on sustainable fiscal path’
The FIRS chairman also highlighted the impact of reforms introduced under President Bola Tinubu, particularly after the removal of petrol subsidy.
“In May 2023, the first month of records we have, collections from NNPC were in the negative because of outstanding subsidy and other payments. As of then, government was owing both NNPC and fuel importers,” he said.
“The total accretion to federation as of May 2023 is N711 billion. That is what we made. As of September, you see the total accretion is N3.6 trillion. That is an increase of 411 percent, which is just as a result of the economic reform decision that Mr. President has taken.”
Adedeji explained that the reforms have reduced pressure on states and curbed the culture of bailouts.
“Before now, state governments used to come to Abuja asking for bailouts just to pay salaries, not for infrastructure. Today, no state government, including the federal government, is receiving less than double what they used to get,” he said.
He further disclosed that non-oil revenues have grown from about N150 billion in May 2023 to N1 trillion by September 2025 — a reflection, he said, of improved confidence in the economy.
‘In Tesla mode by January’
Adedeji also spoke about ongoing efforts to streamline Nigeria’s tax system.
“With your help, we have now put ourselves in Tesla mode. By God’s grace, effective January 1, we will be in Tesla mode,” he said.
“By that time, we will have harmonised all the taxes, reduction in corporate tax rates, budget and spending reforms.”
He stressed that the reforms are designed to place Nigeria on a stronger fiscal footing, improve the business environment, and support household welfare.
