News Agency of Nigeria
Nigeria’s revenue hits record 3.64 trn in Sept. ‎
Economy/Business

Nigeria’s revenue hits record 3.64 trn in Sept. ‎

‎By Muhyideen Jimoh
‎
‎Dr Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), has credited Nigeria’s record revenue growth to bold fiscal reforms introduced by President Bola Tinubu’s administration.

Adedeji revealed that federal revenue reached N3.64 trillion in September 2025, a 411 per cent increase from N711 billion recorded in May 2023.

Speaking with State House correspondents in Abuja, he outlined milestones reshaping Nigeria’s fiscal landscape, particularly the growth of non-oil revenue streams.

He noted that non-oil revenue grew sharply from N151 billion to N1.06 trillion in two years, marking a major shift in Nigeria’s earnings profile.

Oil revenue also rose to N644 billion, while VAT collections tripled to N723 billion, signalling stronger compliance and improved efficiency across sectors.

Adedeji attributed the performance to reforms that streamlined taxes, eased burdens on SMEs, and introduced compliance tools like e-invoicing and new excise regulations.

He added that a presumptive tax regime will soon capture hard-to-tax sectors, while state levies will be harmonised to expand the tax base.

“Our goal is to build a fair, efficient, and sustainable tax system that supports growth and boosts investor confidence,” Adedeji stressed.

He confirmed that unbacked Ways and Means advances from the Central Bank have been halted, with the loans reclassified and treated as federal debt.

“The debt is now collateralised. Both principal and interest are being repaid, ensuring exchange rate stability and system confidence,” he said.

Dismissing concerns about borrowing, he insisted it is a normal practice vital for economic sustainability when properly legislated and directed towards infrastructure.

“Borrowing funds infrastructure that generates future tax revenues from beneficiaries. This is a sustainable approach for long-term development,” he explained.

Adedeji announced that Personal and Company Income Tax reforms will begin in January 2026 to further widen Nigeria’s revenue base.

He reiterated that the reforms aim to cut borrowing reliance, strengthen fiscal resilience, and sustain Nigeria’s economic growth trajectory. (NAN) (www.nannews.ng)

Edited by Kamal Tayo Oropo

CITM hails FG’s 2025 surplus, urges restraint on borrowing
General News

CITM hails FG’s 2025 surplus, urges restraint on borrowing

By Emmanuel Oloniruha

The Chartered Institute of Treasury Management (CITM) has commended the Federal Government for projecting a revenue surplus in 2025.

Mr Olumide Adedoyin, Registrar of CITM, said this in a statement on Wednesday in Abuja, saying the surplus was an opportunity to finance development without resorting to additional borrowing.

“The 2025 revenue surplus should be seen as a golden opportunity to fund transition without falling back into debilitating debt.

“The government is right to celebrate improved revenue, as it remains the primary tool to escape the debt trap.

“However, caution is the necessary counterbalance, stressing that the current debt level is unsustainable and threatens the nation’s economic future,” Adedoyin said.

He, however, advised the Federal Government against embarking on fresh borrowing, warning that it could plunge the country into deeper debt distress.

Adedoyin said any new borrowing must be tied strictly to critical, revenue-generating infrastructure projects.

Such borrowing, he added, should be secured only on highly concessional terms of low interest rates and long repayment periods, preferably from multilateral lenders.

“As at mid-2024, Nigeria’s debt profile is marked by rapid growth, a changing composition, and significant fiscal pressures,” he said.

The registrar stressed that the way forward was not through additional borrowing but through radical fiscal discipline, aggressive revenue mobilisation, and prudent debt management.

He added that government must also create an enabling environment where the private sector could drive sustainable economic growth.

To expand revenue, Adedoyin called for widening of the tax net by systematically bringing millions of informal businesses and high-net-worth individuals into the system through technology and data-driven measures.

He noted that taxation should focus more on wealth and consumption, not just income, while non-oil revenue sources such as solid minerals, agriculture and the digital economy must be prioritised to boost exports and tax inflows.

Adedoyin further urged government to ensure that the Nigerian National Petroleum Company Ltd. remits its full obligations to the Federation Account, saying transparency in the oil sector was non-negotiable.

On debt restructuring, he advised proactive engagement with bilateral and commercial creditors to extend repayment periods and reduce interest rates in order to ease annual debt-servicing pressure.

He also called for drastic cuts in waste, corruption and the high cost of governance, urging the merger of redundant agencies and strict enforcement of the Fiscal Responsibility Act.

According to him, savings from the removal of fuel subsidy must be channelled transparently into productive investments and targeted social safety nets, not absorbed into recurrent spending. (NAN)

Edited by Deborah Coker

Nigeria records unprecedented rise in non-oil revenues – Presidency 
General News

Nigeria records unprecedented rise in non-oil revenues – Presidency 

Revenues

‎
‎By Muhyideen Jimoh

‎The Presidency has announced that Nigeria is experiencing unprecedented growth in non-oil revenues, driven by reforms targeting fiscal stability, compliance, and digital tax administration.

Presidential spokesperson, Mr Bayo Onanuga, disclosed this in a statement on Wednesday in Abuja.

He said President Bola Tinubu highlighted the revenue growth while addressing a delegation from the Buhari Organisation on Tuesday.

The President cited significant increases in non-oil revenues for all tiers of government between January and August 2025.

Total collections reached ₦20.59 trillion, representing a 40.5 per cent rise from ₦14.6 trillion recorded during the same period in 2024.

This performance aligns with projections and keeps government on track to achieve its annual non-oil revenue target.

Tinubu added that the Federal Government has ceased borrowing from local banks since early 2025, underscoring improved fiscal discipline.

He noted that while non-oil tax revenues are rising, oil-based revenues remain under pressure due to declining crude oil prices.

The President emphasised that higher revenues have enabled record disbursements to states and local governments, supporting grassroots development.

For the first time ever, monthly FAAC allocations exceeded ₦2 trillion in July 2025, enabling investment in agriculture, infrastructure, and essential public services.

Still, the Presidency admitted that revenue growth alone is insufficient to meet ambitious goals for education, healthcare, and infrastructure.

Tinubu stressed that oil is no longer the main engine of national revenue, signalling a historic shift in Nigeria’s fiscal landscape.

“Nigeria’s fiscal foundations are being reshaped. For the first time in decades, oil is no longer the dominant driver of government revenue.

“The combination of reforms, compliance, and digitisation powers a more resilient economy.

“The task ahead is ensuring these gains improve citizens’ lives through better schools, hospitals, and jobs,” he said.

The President revealed that ₦20.59 trillion was mobilised in eight months, marking the highest collection in recent history.

“With ₦15.69 trillion collected, non-oil revenues now account for three of every four naira, showing a decisive shift from oil dependence.

“While inflation and FX revaluation contributed, the uplift is mainly reform-driven — digitised filings, Customs automation, stricter enforcement, and broadened compliance.

“₦3.68 trillion was collected in H1, ₦390 billion above target, already 56 per cent of the full-year goal. This reflects systemic reforms, not mere windfalls,” he said.

Tinubu also confirmed that FAAC allocations to states had increased, empowering subnationals to drive local development.

“FAAC allocations reached ₦2 trillion in July for the first time, giving states resources to strengthen grassroots development.

“The government affirms collections are ahead of expectations, with final validation to be published by the Budget Office at year’s end,” he said.

He reiterated that Nigeria’s revenue base is expanding and reforms are producing tangible results.

“The priority is translating numbers into real relief — putting food on the table, creating jobs, and investing in roads, schools, and hospitals,” he said. (NAN) (www.nannews.ng)

Edited by Kamal Tayo Oropo

FG boosts revenue with mining marshals – Onoja
General News

FG boosts revenue with mining marshals – Onoja

By Naomi Sharang

Mr Attah Onoja, Commander of the Nigerian Security and Civil Defence Corps (NSCDC) Mining Marshals, says revenue from the mining sector rose from N6 billion to over N38 billion within one year of the unit’s establishment.

Onoja said the Mining Marshals, set up to curb illegal mining, had made steady progress in sanitising the sector.

He disclosed this at a media parley and workshop organised by the Nigeria Union of Journalists (NUJ), FCT Council, on Wednesday in Abuja.

The workshop was themed “The Fight Against Illegal Mining: Role of the Media”.

He said the efforts of the mining marshals in addressing illegal mining activities across the country have led to a significant increase in revenues accruing from the mining sector.

Onoja, while urging the media to join in the fight against illegal mining, cautioned against biased or compromised reportage.

He added that illegal mining cartels were sponsoring what he called “rogue journalism” to discredit enforcement efforts.

“We will not cave to any blackmail designed to weaken our resolve. Illegal mining cannot be defeated by enforcement agencies alone, and this is why we are calling on the media to be partners in this fight,” Onoja said.

He said that the marshals, an enforcement arm of the NSCDC had dismantled illegal camps, prosecuted offenders, and restored order in volatile mining corridors since their creation under the Tinubu administration.

While admitting challenges such as entrenched interests and inadequate logistics, Onoja insisted the campaign was crucial to national survival.

“Our message is clear: Nigeria’s mineral wealth belongs to all Nigerians, not to be plundered by a few,” he said.

The Commissioner of Police, FCT, Mr Ajao Adewale, revealed that illegal mining has become a powerful cartel-driven enterprise bankrolled by influential Nigerians.

“This is fueling banditry and costing the country an estimated $9 billion (N13.7 trillion) annually.

Adewale described illegal mining as one of Nigeria’s most dangerous national security threats.

“The Nigeria Extractive Industries Transparency Initiative (NEITI) cited that Nigeria loses up to 9 billion dollars (N13.7 Trillion Naira) annually to illegal mining/gold smuggling in Nigeria.

“Illegal mining is not just a mere economic crime; it fuels insecurity, degrades our environment, undermines lawful investment, and robs our nation of vital resources.”

He listed Zamfara, Nasarawa, Kogi, Kaduna, Niger, Kwara, Osun and parts of the FCT as hotspots of illegal mining.

Adewale noted that over 72 suspects had been arrested in Abuja alone between 2023 and 2024 for illegal mining activities.

He stressed that without collaboration between security agencies and the media, the cartels would continue to thrive.

On his part, National President of the Miners Association of Nigeria, Mr Dele Ayanleke, warned that illegal mining was sustained by corruption, poverty and weak governance.

“From child labour in Nasarawa’s lithium fields to mercury poisoning in Zamfara’s gold sites, the costs are severe,” Ayanleke said.

“Illegal mining undermines legitimate investors, destroys communities, and fuels insecurity. Only sustained attention, especially from the media can help dismantle these cartels.”

On her part, the Chairman of NUJ FCT Council, Grace Ike, urged journalists to take the fight beyond ordinary reportage by conducting investigative journalism that exposes financiers, amplifies community voices and pressures policymakers.

“As gatekeepers of truth, we must investigate, expose, and educate the public on the devastating effects of illegal mining,” she said.

Ike assured that the NUJ would continue to champion, amplify the voices of affected communities, ensuring that their stories and struggles are heard nationwide.(NAN)

Edited by Yakubu Uba

Tinubu int. conference centre generates N700m in 3 weeks – Wike
Metro

Tinubu int. conference centre generates N700m in 3 weeks – Wike

By Philip Yatai

The newly rehabilitated Bola Ahmed Tinubu International Conference Centre, Abuja, has generated more than N700 million in three weeks.

The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, disclosed this on Sunday, during a Thanksgiving Service at St. James’ Anglican Church, Asokoro, Abuja.

The thanksgiving was for the successful completion of project inaugurations by President Bola Tinubu to celebrate his second year in office.

Wike disclosed that the person that was managing the centre before the rehabilitation was remitting only N50 million to the FCT Administration annually.

The News Agency of Nigeria (NAN) recalls the public uproar when Wike announced that N39 billion was earmarked for the rehabilitation to upgrade the centre to international standard.

Bola Ahmed Tinubu International Conference Centre

The minister said that the move was finally paying off, with more than N700 million so far generated in just three weeks after it was reopened for public use.

“When we visited the centre in 2024, Tinubu described the centre as an eyesore, stressing that this is not the international conference centre that Nigeria should be presenting to the global community and directed that we rehabilitate the edifice.

“We shut the place down and within seven months we rehabilitated the centre.

“The shocking thing is that the man who was running it from Adamawa was paying the government N50 million a year.

“But in just three weeks that we opened it after the renovation, we have made over N700 million,” he said.

He added that when the FCT Administration took over the centre to carry out the rehabilitation, the person that was managing it called him all kinds of names.

The minister said that when he decided he would not allow the centre to be run down, some people painted all kinds of pictures and told all kinds of stories.

“These are people who claim that they want to rescue Nigeria,” he said.

He called on Nigerians to disregard people who had opportunities to be in government for several years but could not facilitate critical infrastructure in their states.

Wike explained that the thanksgiving service became necessary to thank God for the successful inauguration of 17 projects in 16 days by Tinubu to celebrate his second year in office.

“It was not easy. Nobody lost his life, no accident going from here to outside the city – Kwali, Gwagwalada and Bwari. It has not been easy.

“We thank God for the grace; we thank God for the strength given to all of us. It’s teamwork and we did it successfully,” he said. (NAN)

Edited by Yakubu Uba

KADIRS rakes N14.16bn IGR in 2 months
Economy/Business

KADIRS rakes N14.16bn IGR in 2 months

By Sani Idris-Abdulrahman

The Kaduna State Internal Revenue Service (KADIRS), said it has collected N14.16 billion revenue between January and February 2025, while debunking claims of a decline in Internally Generated Revenue (IGR).

The KADIRS Head of Corporate Communications, Zakari Muhammad, disclosed this in a statement issued to newsmen on Friday in Kaduna.

He said the service was prompted by a recent mischief claiming a decline in the state’s IGR under the administration of Gov. Uba Sani.

Muhammad said in January and February 2025, the state had already collected an IGR of N7.47 billion and N6.69 billion respectively, making a total revenue collected to N14.16 billion in the two months.

He equally said that a validation of the reforms in the state’s revenue sector under Sani, collected an IGR of N62.48 billion and N71 billion, in 2023 and 2024, respectively.

This feat, he said, consolidated the state’s place as the leading IGR performing state in Northern Nigeria in the last two years.

Muhammad said, “The current level of IGR collection of the state, speaks to the competence of the Chairman and the management team of the service.

“We are also extolling the support we are enjoying from the state government to function as a professional and apolitical revenue authority of the state.”

The spokesperson said that the rumor circulating that the former Executive Chairman of the KADIRS was removed for calling out the state’s House of Assembly Speaker for refusing to pay taxes was baseless.

Muhammad stated that the former executive chairman served his entire four-year tenure as provided in the Kaduna State Tax Codification and Consolidation Law, after which a new Executive Chairman was appointed by the Governor.

He added that in the last two years, the state had implemented innovative revenue administration reforms.

They included the introduction of an integrated tax administration portal (PAYKADUNA), financial inclusion initiatives, enhanced taxpayers and stakeholders’ engagement.

Muhammad also said the service deployed a first-of-its-kind interactive voice response system for taxpayer complaint redressal, among other initiatives that had resulted in improved tax administration in the state.

According to him, the automation efforts of the service had ensured that a process exists for facilitating collections.

“Payments are made through the PAYKADUNA portal or via pay direct channels from which they are swept directly into the state’s Treasury Single Accounts, ensuring that staff of the service have no access or interaction with state collections.

“The IGR account is a collection and transit account not an expenditure account.

“Therefore, it is highly inaccurate to think that any amount can be withdrawn from it to service any interests.

“It is also noteworthy that the service has never received any instructions to facilitate any 100 million naira payments to any individual or organisation,” he said.

Muhammad reiterated that KADIRS was an autonomous agency of the state, insisting, “it is committed to its mandate of facilitating seamless and efficient revenue mobilisation for service delivery without fear or favour to any individual or group.” (NAN)(www.nannews.ng)

Edited by Bashir Rabe Mani

 

FCT-IRS urges FCT residents to file annual returns before March 31
Economy/Business

FCT-IRS urges FCT residents to file annual returns before March 31

By Nana Musa

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has urged all residents in the territory to file their Annual Income Returns before March 31.

The Head, Corporate Communications, FCT-IRS, Mr Mustapha Sumaila, announced the deadline in a statement on Wednesday in Abuja.

Sumaila said that filing annual returns of income from all sources was mandatory for all taxpayers, including those in employment (private and public sector), and public office holders.

He said that those in self-employment, including business owners and partnerships/enterprises, residents of the FCT for the preceding year, 2024, were also required to file the returns.

“The returns must be filed in the manner and within the time specified by law.

“The Personal Income Tax Act provides that a taxable person shall file a return of income in the prescribed form and containing the prescribed information with the tax authority.

“This is to be filed with a true and correct statement in writing containing the amount of income earned by the taxpayer from every source of the year preceding the year of assessment,” he said.

According to Sumaila, failure to file the returns by March 31 will result in FCT-IRS issuing a judgment assessment on all defaulters.

He said that they would be required to pay in line with the provisions of Section 54(3) of the Personal Income Tax Act.

Sumaila said that the Acting Executive Chairman of FCT-IRS, Mr Michael Ango, had been leading the campaign for voluntary tax compliance by all residents of the FCT. (NAN) 

Edited by Kadiri Abdulrahman

FCT-IRS collected N262bn in 2024, N43.8bn in January – Chairman
Economy/Business

FCT-IRS collected N262bn in 2024, N43.8bn in January – Chairman

By Nana Musa

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has collected N262 billion Internally Generated Revenue (IGR) in 2024.

Mr Michael Ango, acting Executive Chairman, FCT-IRS also said that the service had so far collected N43.8 billion in January.

Ango disclosed this on Thursday, during the service’s annual sensitisation campaign to mobilise FCT residents for voluntary tax compliance.

He explained that at the end of 2024, the FCT-IRS had collected a total of N262 billion, representing N12 billion more than the N250 billion targeted for the year.

While the performance was impressive, the executive chairman expressed confidence that 2025 would be better, adding that the service has commenced the year very strongly.

“In the month of January, we collected N43.8 billion and so far, in the month of February, we are also on track.

“The reality about the collection is that these monies are not manufactured, they are paid by taxpayers and residents of this town,” he said.

He identified some of the taxes being collected by the FCT-IRS as personal income tax, capital gains taxes, stamp duties, property taxes, entertainment tax and fees due to the FCT.

He also said that the FCT-IRS works for the entire FCT, explaining that it collects revenue for the FCT Administration for the area councils; for the FCT Secretariats, its departments and agencies.

He added that in doing this, the service was collaborating very strongly with all sister agencies, both at the federal and the FCT level.

“We have been reaching out to various agencies and what we are hoping to do is to create a revenue ecosystem whereby everybody believes that they are partners and stakeholders in raising revenues for the FCT,” he said. (NAN)

Edited by Philip Yatai

RMAFC seeks sustainable revenue generation to address dwindling allocations
Economy/Business

RMAFC seeks sustainable revenue generation to address dwindling allocations

By Vivian Emoni

The Chairman of Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr Mohammed Shehu, has called for sustainable revenue generation to address dwindling allocations.

Shehu also called for effective collaboration among relevant stakeholders for innovative revenue strategies to meet public service demands at all levels of government.

He made the call on Wednesday in Abuja, at a two-day training titled, “Optimising Revenue Generation, Budgeting Process and Good Governance”.

The RMAFC chairman said that the commission’s constitutional mandate was to advise the three tiers of government on fiscal efficiency and revenue enhancement.

He said that strengthening revenue generation was no longer an option but a necessity for economic stability and sustainable development.

According to him, the training is designed to equip government officials and stakeholders with necessary knowledge and skills to improve revenue mobilisation, budgeting and fiscal management.

He acknowledged the importance of strong partnerships with various stakeholders and efficient fiscal management in enhancing revenue generation.

He said that the programme would provide a platform for participants to engage with experts and explore best practices in revenue optimisation.

“We must move beyond traditional revenue sources and explore new frontiers to boost fiscal sustainability.

“At the end of this training, participants are expected to have a deeper understanding of revenue generation challenges and opportunities.

“The training will help them to acquire practical skills in revenue mobilisation and management and develop strategic partnerships to enhance revenue generation,” he said.

Shehu said that the participants would also be able to identify innovative solutions to address revenue shortfalls by leveraging areas of comparative advantage.

He urged all stakeholders to take full advantage of the training, emphasising that achieving fiscal sustainability requires proactive measures, collaboration and a commitment to good governance. (NAN)

Edited by Kadiri Abdulrahman

FCT Internal Revenue Service partners EFCC to enhance tax compliance
Economy/Business

FCT Internal Revenue Service partners EFCC to enhance tax compliance

By Philip Yatai

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has sought collaboration with the Economic and Financial Crimes Commission (EFCC) to enhance tax compliance in the territory.

The acting Executive Chairman of the Service, Mr Michael Ango, solicited for the partnership when he visited Executive Chairman of the EFCC, Mr Olanipekun Olukoyede, in Abuja on Wednesday.

Ango explained that the partnership was in line with the mandate of the FCT-IRS to collaborate with relevant agencies such as the EFCC towards improving tax compliance in the FCT.

He disclosed that one of the major initiatives of the FCT-IRS in 2025 was the harmonisation of revenue collection and administration in the FCT.

This, he said, would not be achieved without the support and collaboration of all stakeholders including anti-graft agencies.

“This is to ensure that all revenue due to the FCT is collected and accounted for in a transparent manner, enhance ease of doing business and improve revenue generation.

“This will further consolidate the massive infrastructural development in the territory by FCT Minister Nyesom Wike,” he said.

He argued that most suspects being investigated by EFCC for financial crimes were not tax compliant.

Ango added that it would be helpful if the suspects’ tax obligations would also be interrogated as part of EFCC’s investigation processes.

According to him, this approach can also be extended to forfeiture of assets or monies of suspects to the EFCC by the courts.

“When suspects are being investigated or charged to court, we will like to know, Mr Chairman, their tax compliance level.

“If they escape from one door, we can catch them through another door. We will, therefore, be happy to partner with you on this, like we are doing with your sister agency, the Nigerian Financial Intelligence Unit (NFIU),” he suggested.

The FCT-IRS boss condoled with the EFCC on the recent loss of its operative.

He also commended the commission’s chairman and his management team for the excellent work they are doing to tackle financial crimes in the country.

In his remarks, the EFCC boss thanked Ango and his team for the visit and expressed the commission’s willingness to partner with the FCT-IRS to improve revenue collection in the FCT.

Olukoyede said the commission had entered into similar partnerships with the Federal Inland Revenue Service (FIRS) and other State Internal Revenue Services.

He expressed the commission’s readiness to extend the same gesture to the FCT-IRS.

According to him, the move will enable the FCT-IRS to shore up its revenue collections.

He, however, stressed the need for a Memorandum of Understanding (MoU) to highlight the specific areas of collaboration, pointing out that MoU would further strengthen the relationship between the two organisations.

The EFCC chairman, who said he has been keeping tabs on Ango’s achievements since appointment as the FCT-IRS boss, also lauded the ongoing massive infrastructural development in the FCT.

“This shows that taxpayer’s money is being judiciously used across the territory for the benefits of all,” he said. (NAN)

Edited by Muhammad Lawal

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