Tinubu’s Reforms Boost Nigeria’s Monthly Revenue to N3.6trn – NRS Boss

The Executive Chairman of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, has credited President Bola Tinubu’s economic reforms for a sharp rise in the country’s monthly revenue, which grew from N711 billion in May 2023 to over N3.635 trillion by September 2025, an increase of about 411 per cent.

Adedeji made this known on Tuesday during the inauguration of the NRS headquarters in Abuja, noting that the reforms helped Nigeria avoid a potential fiscal crisis.

He explained that when the current administration took office in 2023, the country was facing severe economic challenges, including limited fiscal space, weak investor confidence, and structural inefficiencies across key sectors.

According to him, decisive actions such as the removal of fuel subsidy, unification of foreign exchange markets, and clearance of long-standing financial backlogs helped stabilise the economy and restore confidence.

Adedeji added that prior to these reforms, Nigeria had a tax-to-GDP ratio below 10 per cent, a debt service-to-revenue ratio of 97 per cent, and struggled with unsustainable subsidy costs and product shortages.

He described the reforms as one of the most significant in the nation’s history, highlighting that over 60 fragmented tax laws were streamlined into a more coherent system to improve compliance, efficiency, and predictability.

“The reforms were not about increasing tax burdens but about improving systems, expanding coverage, and strengthening governance. The results are evident in Nigeria’s record revenue performance,” he said.

Also speaking at the event, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun—represented by the Minister of State for Finance, Dr. Taiwo Oyedele—said the new NRS facility reflects ongoing efforts to modernise Nigeria’s revenue system. He commended Adedeji for his leadership in delivering the project and reforming the tax framework.

However, former Labour Party presidential candidate, Peter Obi, criticised the Tinubu administration over Nigeria’s rising debt profile, warning that the country could be heading towards economic trouble.

Speaking at the African Democratic Congress (ADC) national convention in Abuja, Obi argued that although fuel subsidy removal was meant to reduce borrowing and free up funds for development, the current government has continued to increase debt.

He noted that Nigeria’s debt has risen from about N87 trillion under the previous administration to nearly N200 trillion, representing an increase of over 130 per cent.

“Despite removing subsidy, borrowing has continued. Contractors are owed, and many projects in the 2025 budget have not been funded. With rising debt and limited development, the country risks heading into a crisis,” Obi said.

He urged Nigerians to take note of the country’s economic direction and collectively demand accountability.