The Federal Inland Revenue Service has recorded an all-time high tax collection of ₦47.39 trillion between October 2023 and September 2025.

The milestone was achieved under the leadership of FIRS Chairman Zacch Adedeji, who was appointed by President Bola Tinubu on September 14, 2023.

According to performance data obtained on Sunday, the agency surpassed its revenue target by 15 per cent.

The data revealed consistent growth in both oil and non-oil revenue streams, driven by ongoing tax reforms and modernisation efforts.

The ₦47.39 trillion collected marks a significant rise from the ₦21.97 trillion recorded between October 2021 and September 2023—representing a 115 per cent performance against target.

During the period, non-import VAT surpassed its target by 137 per cent, while import VAT reached 131 per cent, indicating improved compliance among registered businesses through enhanced digital monitoring and stricter enforcement of remittances across key sectors.

The document read, “In the last two years (October 2023 to Sept 2025), FIRS achieved significant revenue improvements in mobilisation.

It achieved a record-breaking revenue growth of N47.39tn, representing 115 per cent of the target. Non-oil revenue accounted for 76 per cent of total collections, reflecting diversification and reform success.”

Between January and September 2025, the FIRS generated ₦22.59 trillion—representing 120 per cent of its revenue target and about 90 per cent of its annual goal of ₦25.2 trillion.

Of this amount, oil tax receipts stood at ₦5.29 trillion, achieving 98 per cent of the period’s target. Despite persistent challenges in the upstream sector, the figure reflects stronger compliance and recovery in petroleum profit and hydrocarbon taxes.

Non-oil taxes, on the other hand, rose to ₦17.3 trillion—128 per cent above projections—and accounted for 76 per cent of total collections during the review period.

Between January and September 2025, the Service generated a total of ₦22.59 trillion, achieving 120 per cent of its target for the period and approximately 90 per cent of its annual goal.

“Of this amount, oil tax revenue stood at N5.29tn, achieving 98 per cent of the target, while non-oil taxes contributed N17.3tn, representing 128 per cent of the target and accounting for 76 per cent of the total collection,” it added.

The strong revenue performance was primarily driven by Company Income Tax (non-oil), which accounted for 32.6 per cent of total collections, followed by non-import VAT at 23.2 per cent and Petroleum Profit Tax/Hydrocarbon Tax at 17.4 per cent.

Other major contributors included Company Income Tax from upstream operations (7.1 per cent), import VAT (7.03 per cent), education tax (6.1 per cent), and gas income (2.3 per cent).

Smaller contributions came from levies such as electronic money transfer charges, capital gains tax, and stamp duties.

The FIRS linked the revenue surge to ongoing reforms under its current management, including the rollout of digital platforms such as the National Single Window, the National E-Invoicing System, and enhanced stakeholder integration.

It also credited the 2025 tax reform laws for simplifying compliance processes, closing administrative gaps, and aligning Nigeria’s tax framework with global best practices.

If the current momentum continues, total revenue by December 2025 could meet or surpass the agency’s internal target of ₦25.2 trillion—37.6 per cent higher than the figure projected in the national budget.

At a briefing, the FIRS Chairman stated that the government would continue to borrow despite recent increases in revenue inflows.

He explained that borrowing should not be seen as a sign of weakness but as an integral component of the nation’s broader economic strategy.

Adedeji said, “Borrowing is not a problem…is borrowing not part of the budget we submitted to the National Assembly. Was it not approved? Are we borrowing aside what was approved?”