The Revenue Mobilisation Allocation and Fiscal Commission reported that Nigeria’s Federation Account accrued a total of N23.06 trillion between January and October 2025, signaling a notable boost in the nation’s revenue performance.

This figure exceeded the N21.43 trillion recorded for the entire year of 2024.

The commission’s Chairman, Dr. Mohammed Shehu, revealed this on Monday in Abuja during a two-day National Stakeholders’ Discourse themed “Enhancing Fiscal Efficiency and Revenue Growth Under the Nigeria Tax Act, 2025.”

Shehu stated that the 2025 revenue performance exceeded N11.93 trillion in 2023 and N21.43 trillion in 2024, highlighting the positive effects of ongoing fiscal and tax reforms.

“Accruals for January to October 2025 alone reached N23.06 trillion, surpassing the full-year figures of previous years,” he said.

He observed that the N11.93 trillion recorded in 2023 reflected the initial gains from fiscal reforms under the current administration, while the jump to N21.43 trillion in 2024 was fueled by better coordination among revenue agencies, stronger audits, and enhanced compliance measures.

According to the RMAFC chairman, the continued revenue growth is largely due to digital revenue tracking systems, fiscal discipline, and reforms that broadened the revenue base across both oil and non-oil sectors.

He added that the increased inflows have bolstered statutory allocations to federal, state, and local governments, while also reducing volatility and dependence on oil revenues.

Shehu reaffirmed the commission’s commitment to monitoring accruals and protecting federation revenues through improved transparency and accountability.

He also stated that the Nigeria Tax Act, 2025, will take effect in January 2026, following extensive consultations by the Presidential Committee on Fiscal Policy and Tax Reform.

Shehu revealed that the committee’s efforts resulted in four tax reform laws, assented to in June, designed to streamline tax administration, lower compliance costs, and strengthen revenue governance.

He explained that the new Act harmonises fragmented tax laws, eliminates duplication, enhances the ease of doing business, and fosters a more predictable, transparent, and sustainable fiscal environment.

Shehu noted that the stakeholders’ discourse was organised to deepen understanding of the Act’s implementation framework and urged participants to consult experts while addressing public misconceptions about the reforms.

At the event, the Minister of Solid Minerals Development, Dr. Dele Alake, stated that RMAFC’s constitutional and statutory mandate remains central to Nigeria’s peace and governance architecture.

Alake, represented by Mr. Peluola Olusegun, emphasized that effective implementation of the Tax Act would require close collaboration among governments, legislative bodies, institutions, and the private sector to accurately assess fiscal impacts and improve efficiency.

He also pointed to the solid minerals sector as a major opportunity for renewable energy development, assuring that the ministry remains committed to governance reforms, investment, and partnerships to strengthen Nigeria’s fiscal framework and economic returns.

Also addressing the audience, the Chairman of RMAFC’s Fiscal Efficiency and Budget Committee, Mr. Desmond Akawor, described the Tax Act as a significant reform milestone.

Akawor explained that the reforms aim to modernise tax administration, strengthen compliance frameworks, curb revenue leakages, and broaden the revenue base across all levels of government.