By Ikugbadi Oluwasegun
Ahead of the transition to a new tax regime by January 2026, the Federal Inland Revenue Service (FIRS) has put its revenue generation figures as at September 2025 at N3.64trillion, representing an increase of 411% over a 16 month period.
Chairman of FIRS, Zacch Adedeji however seized an interactive session with reporters on Tuesday, to correct misconceptions about the borrowing plans of the Federal Government despite the huge revenue inflows.
He described borrowing as an integral part of the nation’s economic plan, insisting that it forms part of the larger eco system for Nigeria’s viability.
According to Adedeji, the Federal Government under President Bola Ahmed 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.
Speaking on the 2025 revenue, Adedeji revealed that revenues increase from ₦711 billion in May 2023 to ₦3.64 trillion in September 2025.
Giving further breakdown of the revenue figures, he said Non-oil tax collections experienced the sharpest rise, increasing from ₦151 billion to over ₦1 trillion during that period.
Oil revenue also increased considerably, with receipts rising from ₦96 billion to ₦644 billion.
Value Added Tax (VAT) receipts more than tripled to ₦723 billion from ₦218 billion, while customs revenue surged to ₦322 billion from ₦106 billion.
The Nigerian Upstream Petroleum Regulatory Commission, he said also reported remittances jumping to ₦745 billion from ₦125 billion, and the Nigerian National Petroleum Company contributed ₦111 billion in September 2025.
Adedeji attributed this revenue surge to tax reforms initiated under President Bola Tinubu’s administration.
