Connect with us

Economy

FIRS Records ₦47.39tn Tax Collection, Surpasses Target by 15%

Published

on

By Onyeanya Ebere Immaculata

The Federal Inland Revenue Service (FIRS) has collected a record ₦47.39 trillion in taxes between October 2023 and September 2025 — exceeding its revenue target by 15 per cent.

According to new data released on Sunday, the figure represents a 115 per cent rise from the ₦21.97 trillion collected in the previous two-year period. The agency attributed the increase to reforms, digitalisation, and stricter enforcement under its Chairman, Zacch Adedeji, appointed by President Bola Tinubu in September 2023.

Between January and September 2025 alone, FIRS generated ₦22.59 trillion — about 90 per cent of its ₦25.2 trillion annual goal. Non-oil taxes accounted for ₦17.3 trillion, or 76 per cent of total collections, while oil revenue contributed ₦5.29 trillion.

Company Income Tax led with 32.6 per cent of total receipts, followed by non-import VAT (23.2 per cent) and Petroleum Profit Tax (17.4 per cent).

The service credited the surge to tools such as the National Single Window and E-Invoicing System, as well as new tax laws enacted in 2025 to simplify compliance and close loopholes.

Chairman Adedeji, while confirming the figures, said Nigeria’s borrowing strategy remained intentional.
“Borrowing is not a problem,” he said. “If expenditure is ₦100,000 and we plan to raise ₦80,000 in revenue and borrow ₦20,000, that’s still within budgetary limits.”

FIRS projects that total collections could exceed ₦25.2 trillion by December 2025, supporting government spending and reducing reliance on oil revenue.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Alia Seeks Collaboration with North-Central Development Commission

Published

on

By

By Segun Adeyanju

Governor of Benue State, Hyacinth Alia, has called for stronger collaboration between the North-Central Development Commission (NCDC) and the Benue State Government to tackle insecurity, promote rural development and improve livelihoods in the state.

Alia made the call on Wednesday while receiving the board and management of the commission during a courtesy visit at the Old Banquet Hall, Government House in Makurdi.

The delegation was led by the Chairman of the commission, Cosmos Akighir, alongside a board member, Cyril Tseenyil.

Speaking during the meeting, the governor said his administration remained committed to restoring peace across the state and ensuring that internally displaced persons (IDPs) return to their ancestral homes.

According to him, the state government has already recorded progress in addressing insecurity in several local government areas previously affected by violence.

“We have done a lot to ensure peace in the state. We have drastically reduced the number of local governments that were gravely infested by insecurity,” Alia said.

He noted that although relative peace had returned to many parts of the state, security challenges remained complex and required sustained collective efforts.

“Security is like a monster. Cut the tail and another part of the body will spring up. Cut the hand and you see another part of the body developing to cause havoc,” he added.

The governor stressed that the ultimate goal of his administration was to ensure that displaced communities safely return to their homes.

“Most importantly, we are resolute that our people must go back to their ancestral homes. The people of Benue State deserve peace to continue to feed the nation,” he said.

Alia also urged the commission to support the state government in key sectors including agriculture, employment generation and rural infrastructure.

He emphasised that strengthening the agricultural value chain would play a critical role in boosting productivity and creating economic opportunities for residents.

“Agriculture value chain must be in the front burner to create overreach on the demands,” the governor stated.

He explained that the state’s 2026 budget prioritises rural development, noting that many rural communities had suffered years of neglect.

“In our budget this year, we have prioritised rural development. But because these particular areas were neglected for a long time, no matter how much money you budget for this area, it will not be easy to have immediate impact, hence the need for support from your commission,” he said.

The governor also advised the leadership of the North-Central Development Commission to remain apolitical in the discharge of their duties.

According to him, introducing partisan politics into the operations of the commission could undermine its core mandate of development.

He urged the board and management to focus on delivering projects and programmes that would directly benefit communities across the region.

The development was contained in a statement signed by the Chief Press Secretary to the Governor of Benue State, Tersoo Kula.

Continue Reading

Economy

Tinubu Nominates Oyedele as Minister of State for Finance

Published

on

By

By Patrick Idowu

President Bola Ahmed Tinubu has nominated Mr Taiwo Oyedele as Minister of State for Finance, replacing Dr Doris Uzoka-Anite.

In a letter to Senate President Godswill Akpabio, the President sought the Senate’s confirmation of Oyedele’s appointment. Uzoka-Anite has been redeployed to the Ministry of Budget and National Planning as Minister of State.

Oyedele, from Ikaram-Akoko in Ondo State, was until his nomination the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which led major reforms of Nigeria’s tax system.

An economist and accountant, Oyedele holds a Higher National Diploma in Accountancy and Finance from Yaba College of Technology and a BSc in Applied Accounting from Oxford Brookes University.

He has attended executive programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.

He spent 22 years at PwC, rising to Fiscal Policy Partner and Africa Tax Leader. Oyedele is also a professor at Babcock University and a visiting scholar at Lagos Business School.

Continue Reading

Abuja Reports

FCTA Suspends Enforcement of Drivers, Riders’ Permit Levy

Published

on

By

By Patrick Idowu

​The Transportation Secretariat of the Federal Capital Territory Administration (FCTA), has suspended the enforcement of its Drivers and Riders Permit Levy to allow for further stakeholder engagement.

The Mandate Secretary, Dr. Chinedum Elechi, issued the directive in a letter to First Capital Cargo Ltd, the firm contracted for collection.

The decision follows a meeting on February 19 with leaders of dispatch riders who raised serious concerns regarding multiple taxation by various authorities within the capital.

​The suspension comes after thousands of dispatch riders recently stormed the FCTA Secretariat in protest, appealing to FCT Minister Nyesom Wike to end perceived extortion. The protesters highlighted a significant financial burden, noting they already pay an annual N13,000 levy to multiple Area Councils, including Abuja Municipal, Bwari, and Gwagwalada.

This is in addition to the newly introduced N25,000 permit levy and daily market entry fees of N300.

​Dr. Elechi’s directive emphasized the need for compliance while the administration reviews the taxation structure. By halting the collection, the FCTA aims to address the grievances of the Association of Dispatch Riders and ensure a more streamlined payment process.

The Secretariat has urged the collection firm to accord the directive the necessary attention to maintain order and fair play within the transport sector.

Continue Reading

Trending

radyoenerji.com.trSweet bonanzabahis sitelerideneme bonusu veren sitelergrandpashabet girişgrandpashabetJojobetRomabetdeneme bonusu veren sitelergrandpashabetporno izlejojobetpusulabetjojobet girişsekabetmeritkinggrandpashabet girişbettiltpusulabetsekabetsekabetmarsbahisbetixirtaksimbetmatbetjojobetgrandpashabetvevobahisgrandpashabet girişganobetSekabetSekabetdeneme bonusu veren sitelerdeneme bonusu veren sitelerligobetjojobetjojobetsuperbetinslotbarsuperbetinsuperbetinsuperbetinsuperbetinonwinLunabetBetordermatbetpusulabetjojobetjojobetCasibomefesbeteros mac tvgüvenilir slot sitelerigates of olympusbetpark girişbetparkjojobetkralbetpokerklasPusulabetdeneme bonusu veren sitelerdeneme bonusugrandpashabetgrandpashabetdeneme bonusu veren sitelerdeneme bonusudeneme bonusudeneme bonusubetgarantideneme bonusupolobetGrandpashabet güncel adres 2026deneme bonusudeneme bonusucasinomilyontaraftarium24justin tvvaycasinobettiltcasibombetpuanMarsbahiscasibom girişvipslotganobetCasibomjojobetBettiltcasinoroyal girişcashwinmeritkingbetpuanbahiscomsonbahisbetexperamgbahismeritkingcasinowonbahiscomgameofbetbettiltradissonbetjojobetgrandpashabetmarsbahis girişmatbet girişsekabet girişpusulabet girişcasinomilyoncasinoroyalbetsalvadorpalacebetteosbet1wingameofbetradissonbetcratosroyalbetgrandpashabetimajbet girişimajbetmeritkingnesinecasinoCasibomJojobetcasibomholiganbetjojobetcasibomjojobetjojobet girişcasibomjojobetCasibomonwinCasibomligobettipobet123