FIRS Chairman, Federal Inland Revenue Service (FIRS), Zacch Adedeji has said even though the Federal Government has seen a remarkable surge in revenue collection, growing by 411 percent over 16 months to N3.64 trillion as of September 2025, borrowing still remains an essential tool, but now focused strictly on funding growth and infrastructure, rather than recurrent expenses.
He revealed the strong revenue performance yesterday, during the press briefing organised by the presidential media team, at the State House, Abuja.
He disclosed that revenues soared from N711 billion in May 2023 to N3.64 trillion in September 2025. Non-oil tax collections experienced the sharpest rise, increasing from N151 billion to over N1 trillion during that period.
Oil revenue also climbed considerably, with receipts rising from N96 billion to N644 billion.
Value Added Tax (VAT) receipts more than tripled to N723 billion from N218 billion, while customs revenue surged to N322 billion from N106 billion.
He noted that the Nigerian Upstream Petroleum Regulatory Commission, also reported remittances jumping to N745 billion from N125 billion, while the Nigerian National Petroleum Company Limited contributed N111 billion in September 2025.
