The figure represents a 115% performance against target and marks a sharp rise from the ₦21.97 trillion collected between October 2021 and September 2023.
According to performance data obtained on Sunday, the FIRS exceeded its revenue target by 15%, driven by consistent growth across both oil and non-oil sectors, reflecting the success of ongoing tax reforms and digital modernization.
Non-oil revenue accounted for 76% of total collections, with non-import VAT exceeding its target by 137% and import VAT reaching 131%. The surge was attributed to improved compliance monitoring through the agency’s new digital systems, including the National Single Window and E-Invoicing System.
From January to September 2025, the FIRS collected ₦22.59 trillion, representing 120% of its quarterly target and 90% of its annual target of ₦25.2 trillion. Oil tax receipts totaled ₦5.29 trillion (98% target performance), while non-oil taxes reached ₦17.3 trillion (128% target performance).
The main revenue drivers were Company Income Tax (32.6%), non-import VAT (23.2%), and Petroleum Profit and Hydrocarbon Taxes (17.4%).
Chairman Adedeji credited the performance to digital transformation, new tax reform laws, and improved stakeholder collaboration, noting that the momentum could push total annual revenue beyond projections by December 2025.
He explained that continued borrowing by the government should not be misinterpreted as a sign of weakness, but rather as part of a balanced fiscal strategy.
“Borrowing is part of the approved budget. If we meet our revenue goals and still borrow within that framework, it shows fiscal discipline, not failure,” Adedeji said during a media briefing at the Presidential Villa.
The FIRS said the record revenue performance strengthens Nigeria’s fiscal outlook, providing the government more flexibility to finance infrastructure, service debts, and stabilize the economy.
