Breakdown of Revenue Components is the Non-oil tax collections grew sharply, from ~₦151 billion to over ₦1 trillion.
Oil revenue (taxed portion) rose from ₦96 billion to ₦644 billion.
VAT receipts more than tripled: from ₦218 billion to ₦723 billion.
Customs revenue increased from ₦106 billion to ₦322 billion.
Royalty/“upstream” remittances credited to the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) jumped from ₦125 billion to ₦745 billion.
NNPC Ltd contribution (for September 2025) was ₦111 billion.
Context & Interpretation by NRS Chair (Zacch Adedeji) which the increase is attributed largely to tax reforms implemented under President Tinubu’s administration.
Adedeji defended government borrowing, saying that borrowing (if responsibly managed) is part of a viable economic strategy and not a sign of fiscal weakness.
He criticized “container economists” (a term he used for critics), accusing them of spreading unverified claims from social media.
He clarified that two components of new tax legislation (the Tax Act and the Tax Administration Act) will commence from January 1, 2026, aligning with the fiscal year.
He also noted that the administrative renaming from FIRS (Federal Inland Revenue Service) to NRS (Nigeria Revenue Service) has already taken effect.
On Ways and Means advances (i.e. ways of deficit financing by the Central Bank), he said the Tinubu administration has ended unbacked money printing; the previous advances are now collateralized/deemed as debt.
The Relevance & Challenges is the reported revenue figures suggest a strong upward momentum in government revenue, possibly improving fiscal flexibility.
However, sustaining such growth will depend on the ability to widen the tax base, manage economic headwinds (inflation, oil volatility, exchange rate pressures), and ensure that borrowing does not crowd out development or lead to debt distress.
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