By Staff Reporter
Abuja — The Nigeria Revenue Service (NRS) has achieved a historic milestone in revenue generation, marking a significant turnaround in the country’s fiscal outlook, the Minister of State for Finance, Taiwo Oyedele, has said.
Speaking during a recent engagement in Abuja, Oyedele disclosed that Nigeria’s revenue performance has improved dramatically as a result of sweeping reforms in tax administration and fiscal policy.
According to the minister, monthly revenue collections rose from about ₦700 billion in 2023 to over ₦3 trillion in 2025, representing one of the most significant increases in the nation’s history.
He attributed the surge to deliberate efforts by the government to modernise tax systems, enhance compliance, and block leakages across revenue-generating agencies.
“The growth we are witnessing today is not by accident. It is the result of coordinated reforms aimed at building a more efficient, transparent, and fair tax system,” Oyedele said.
Reform-Driven Growth
The restructuring of the Federal Inland Revenue Service into the Nigeria Revenue Service (NRS) forms a central part of the government’s strategy to strengthen revenue mobilisation.
Key reforms include the harmonisation of multiple tax laws, deployment of digital systems, and improved collaboration among government institutions.
Analysts say these measures have not only boosted collections but also reduced inefficiencies that previously hindered optimal revenue performance.
Record Collections
Officials revealed that the NRS generated over ₦28 trillion in 2025, setting a new national record and surpassing previous benchmarks.
The development is seen as a major step toward reducing Nigeria’s dependence on borrowing and improving fiscal sustainability.
Government’s Position
President Bola Ahmed Tinubu commended the revenue agency and the Ministry of Finance for their efforts, noting that improved revenue generation is critical to funding infrastructure, social services, and economic development.
He reiterated the administration’s commitment to maintaining a tax system that is fair to citizens while ensuring that all eligible taxpayers meet their obligations.
Experts have noted that sustaining the current momentum will require continuous reforms, transparency, and the effective use of technology to widen the tax net.
With the current trajectory, the NRS is expected to remain a key driver of Nigeria’s economic stability and growth in the coming years.
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