FIRS Sets Record with ₦47.39tn Tax Collection Under Adedeji’s Leadership

The Federal Inland Revenue Service (FIRS) has achieved a historic milestone with a total tax collection of ₦47.39 trillion between October 2023 and September 2025, marking a 115 percent performance against target. The record-breaking achievement came under the leadership of its Executive Chairman, Zacch Adedeji, who was appointed by President Bola Tinubu in September 2023.

According to official performance data obtained by The PUNCH on Sunday, the FIRS exceeded its revenue target by 15 percent, driven by sustained growth in both oil and non-oil tax receipts. The non-oil segment accounted for 76 percent of total collections, highlighting the success of ongoing tax diversification and reform initiatives. Non-import VAT surpassed its target by 137 percent, while import VAT reached 131 percent, reflecting improved compliance and digital monitoring across key industries.

Between January and September 2025 alone, the agency raked in ₦22.59 trillion, representing 120 percent of its revenue goal and 90 percent of its annual target of ₦25.2 trillion. Oil taxes contributed ₦5.29 trillion (98 percent of target), while non-oil taxes rose to ₦17.3 trillion, or 128 percent of projections. The largest contributors were Company Income Tax (32.6 percent), non-import VAT (23.2 percent), and Petroleum Profit/Hydrocarbon Tax (17.4 percent), followed by education tax, import VAT, and gas income.

The FIRS attributed its revenue surge to digital reforms and new systems such as the National Single Window and National E-Invoicing platforms, which have improved transparency and compliance. It also cited new tax reform laws enacted in 2025 that simplified processes and aligned Nigeria’s tax administration with global standards.

Despite the impressive fiscal performance, FIRS Chairman Zacch Adedeji clarified that government borrowing would continue as part of a balanced economic strategy. Speaking during the “Meet-the-Press” series at the Presidential Villa, Abuja, he noted that borrowing is not a weakness but an approved component of Nigeria’s budgetary framework designed to complement revenue growth and sustain development priorities.