The Federal Inland Revenue Service (FIRS) has achieved a record ₦47.39 trillion in tax collections between October 2023 and September 2025, surpassing its target by 15%.
Under Chairman Zacch Adedeji, appointed by President Bola Tinubu in September 2023, the agency’s revenue rose 115% compared to ₦21.97 trillion collected in the previous two years.
From January to September 2025, FIRS collected ₦22.59 trillion, or 120% of its target—₦17.3 trillion from non-oil taxes and ₦5.29 trillion from oil taxes. Non-oil revenue accounted for 76% of total collections, reflecting stronger compliance and digital tax reforms.
Major contributors included Company Income Tax (32.6%), non-import VAT (23.2%), and Petroleum Profit Tax (17.4%). The growth was driven by reforms such as the National Single Window, E-Invoicing System, and new 2025 tax laws that streamlined compliance.
If current trends continue, FIRS could exceed its ₦25.2 trillion target by December 2025, boosting government spending capacity.
Despite the strong performance, Adedeji said Nigeria would continue borrowing as part of its fiscal strategy. “Borrowing is not a problem,” he told reporters, explaining it remains a planned component of the national budget to balance revenue with development goals.
