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Nigeria’s Tax Revenue Hits Historic High: FIRS Collects N47.39 Trillion in Two Years
Abuja, Nigeria — The Federal Inland Revenue Service (FIRS) has achieved a record-breaking ₦47.39 trillion in tax collections between October 2023 and September 2025, marking the highest revenue performance in Nigeria’s history.
The milestone represents a 15% increase over its two-year target and underscores the impact of ongoing tax reforms under Dr. Zacch Adedeji, Executive Chairman of FIRS, who was appointed in September 2023.
Nine-Month Performance (January–September 2025)
Total collection: ₦22.59 trillion
Achieved 120% of projected target
Reached 90% of the ₦25.2 trillion annual goal
Two-Year Performance (October 2023–September 2025)
Total revenue: ₦47.39 trillion
15% above target
Overall performance rate: 115%
Non-Oil Sector Drives Growth
The non-oil sector remains the backbone of this performance, contributing ₦17.3 trillion, or 76% of total collections—surpassing its target by 128%.
Oil-related revenues, meanwhile, totaled ₦5.29 trillion, representing 98% of expectations.
Value Added Tax (VAT) also saw exceptional growth:
Non-import VAT achieved 137% of its target.
Import VAT reached 131%.
Reforms Powering the Transformation
Under Dr. Adedeji’s leadership, FIRS has embarked on ambitious modernization initiatives, including:
Digital Transformation: Deployment of the National Single Window and e-Invoicing System for real-time transparency.
Mobile Access: Introduction of the *USSD 829# platform to make taxpayer services more accessible.
Simplified Tax Laws: Streamlined compliance and closure of revenue loopholes.
Institutional Transition: Plans to evolve into the Nigeria Revenue Service (NRS) by 2026, in line with new tax administration reforms.
Economic Impact and Outlook
The ₦47.39 trillion collection marks a sharp rise from the ₦21.97 trillion recorded between October 2021 and September 2023 — a performance analysts attribute to President Bola Tinubu’s economic reforms and improved fiscal discipline.
Economists say the increased revenue base offers Nigeria:
Stronger fiscal capacity for infrastructure and social programmes
Reduced reliance on oil
Enhanced support for the $1 trillion economy vision by 2030
With the current trajectory, FIRS is on pace to surpass its ₦25.2 trillion annual target by December 2025 — about 37.6% higher than the national budget projection.
A New Era of Revenue Growth
Analysts view the FIRS’ achievement as a signal that Nigeria’s economy is stabilizing and expanding beyond oil dependence. The agency’s performance also reinforces investor confidence and demonstrates the potential of technology-driven governance.
“This success story shows that with the right reforms, technology, and leadership, Nigeria’s revenue potential is enormous,” Dr. Adedeji said in a statement.
