The Federal Inland Revenue Service (FIRS) has announced that it collected ₦22.59 trillion in tax revenues between January and September 2025, and a total of ₦47.39 trillion over the two-year period from October 2023 to September 2025, representing 115 per cent of its collection target.
Under the leadership of Dr. Zacch Adedeji, the chairman, FIRS reported that non-oil revenues accounted for roughly 76 per cent of the nine-month total, signalling progress in revenue diversification efforts.
Of the breakdown provided, oil tax revenue stood at ₦5.29 trillion, hitting 98 per cent of its respective target for the period; non-oil tax collections reached ₦17.30 trillion, achieving 128 per cent of target and making up the bulk of the total figure.
Key highlights in non-oil segments included non-import VAT reaching 137 per cent of its target and import VAT hitting 131 per cent.
Dr. Adedeji emphasised that the FIRS is advancing a “tripod” tax policy focusing on fairness, base-broadening and alignment with Nigeria’s long-term economic objectives, while also pursuing digitalisation of tax processes, internal restructuring, and staff capability development.
Looking ahead, the FIRS indicated that from January 1 2026 it will transition to the Nigeria Revenue Service (NRS), broadening its mandate to include non-tax revenue collections from the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).
Other significant initiatives under way include the full rollout of the National Single Window trade platform, the launch of an e-invoicing system, and a taxpayer access USSD service (829#) aimed at simplifying compliance and improving service delivery.
Implications for Business & Economy:
These strong results reflect an expanding tax base and increasingly effective compliance mechanisms. They send positive signals to investors regarding Nigeria’s revenue mobilisation capacity and fiscal framework.
For businesses, the emphasis on digital tax tools and simplified processes suggests greater transparency, but also underscores the need for tax-compliance readiness in a progressively digitised environment.
[Source: ThisDayLive]
