MON NOV 03 2025-theGBJournal| Nigeria’s Federal Inland Revenue Service (FIRS) has achieved a record-breaking N47.39 trillion in tax collections between October 2023 and September 2025, a 115% performance against target and a 15% overshoot of its revenue goal.
Under the leadership of Chairman Zacch Adedeji, appointed in September 2023, the agency has sustained growth across oil and non-oil revenue sources, reflecting the impact of ongoing tax reforms and digital modernisation initiatives.
Non-oil revenue accounted for 76% of total collections, underscoring Nigeria’s gradual shift from oil dependency. Non-import VAT and import VAT exceeded targets by 137% and 131%, respectively, while Company Income Tax remained the largest contributor at 32.6% of total receipts.
Between January and September 2025 alone, the FIRS collected N22.59 trillion, 120% of its target for the period, with N5.29 trillion coming from oil taxes (98% of target) and N17.3 trillion from non-oil sources (128% of target).
The surge was driven by reforms such as the National Single Window, E-Invoicing System, and 2025 tax law amendments, which streamlined compliance and strengthened enforcement.
If sustained, total collections could exceed N25 trillion by December 2025, offering the government fiscal space for infrastructure spending and debt reduction, though the benefits will depend on actual cash realisation and macroeconomic stability.-Breakdown is provided by Comercio Partners Research.
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