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Federation revenue hits N3.6trn, says NRS chair
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By Prosper Olayiwola
Nigeria’s monthly revenue collection surged from N711 billion in May 2023 to N3.64 trillion last month, Chairman of the Nigerian Revenue Service(NRS), Zacch Adedeji , has said.
Recall the Federal Inland Revenue Service (FIRS) has changed its name to NRS in line with the news Tax Law.
Adedeji, at the Meet-the-Press series organised by the Presidential Communications Team in Abuja on Tuesday, also said that non-oil tax collections experienced the sharpest rise, hitting over N1 trillion from N151 billion during the same period of 28 months.
Oil revenue, according to him, increased considerably, with receipts rising from N96 billion to N644 billion.
Value Added Tax (VAT) receipts more than tripled to N723 billion from N218 billion, while customs revenue surged to N322 billion from N106 billion.
The Nigerian Upstream Petroleum Regulatory Commission, he said, reported remittances jumping to N745 billion from N125 billion. The Nigerian National Petroleum Company Limited(NNPC Ltd) contributed N111 billion in September 2025.
President Bola Ahmed Tinubu said last week that the country’s revenue projection for the year was surpassed at the end of August. But he did not provide the figures.
Adedeji attributed the revenue surge to the tax reforms initiated under President Tinubu’s administration.
He said: “If you look at a NUPRC, which is royalty collection, you will see that it was N125 billion. In September, it is N745 billion. The increase is roughly 500, and that is the oil production increase that I mentioned…. I’m putting figures and why this one is important, most especially for us here, is for you to understand…. I will not say people should not be involved in politics or be political. For you (reporters), it is your duty to actually educate people to know that we are here, just a little bit more than two years, and the decision that we’ve taken is right, this is the result.
If you look at oil, which is taxed, you see the increase. But when you look at the total accruals to Federation as of May 2023, it’s N711 billion. That is what we met. As of August, you will see that the total accrual is N3.6 trillion. That is an increase of 411 per cent, which is just a result of the economic reform decisions that Mr President has taken.”
Borrowing integral to a viable economy
He described critics of government borrowings as “container economists.”
He said it was essential for such individuals to understand that borrowing is an integral part of a viable economy.
Adedeji said that “container economists” often download unverified claims from social media and raise alarms about Nigeria’s debt profile.
“As much as they fight me, sometimes you ask if they even understand the right questions, or are just downloading WhatsApp messages,” the NRS boss added.
He explained that borrowing, when responsibly managed, sustains growth, boosts infrastructure financing and stabilises an economy.
“Borrowing is not a problem. There is no country or individual in the world that survives based only on income. Borrowing is part of the budget we submit and what is approved by the National Assembly. It is part of the ecosystem of a viable nation,” Adedeji said.
The NRS boss advised that borrowings by the government should not be misconstrued as a sign of fiscal weakness, but a deliberate strategy to match long-term investments with revenue flows.
He illustrated his suggestion with the example of road construction. “When you borrow to build roads, those who use them in future will pay their fair share through taxes. You don’t need to spend your entire lifetime’s resources on infrastructure that will outlive you. That is why borrowing exists.”
On the controversial Ways and Means advances from the Central Bank of Nigeria(CBN), Adedeji clarified that the Tinubu administration had taken steps to end the practice of printing money without backing.
He said: “We have stopped Ways and Means. The whole loan has been collateralised and recognised in the Federal Government’s books as debt.
‘’We are paying both principal and interest, and that is why there is stability in the system and no pressure on the exchange rate.”
On recent fiscal reforms, Adedeji reiterated that only two components of the newly enacted tax laws—specifically the Tax Act and Tax Administration Act—will commence on January 1, 2026, in line with the federal fiscal year cycle.
“Company Income Tax is assessed on a preceding year basis, meaning profits made this year are taxed next year. That is why it is logical and strategic to commence in January. The President is a planner, and that is why he insisted commencement should align with the fiscal year,” he said.
However, Adedeji said that administrative changes, including the renaming of the Federal Inland Revenue Service (FIRS) to the NRS, took immediate effect.
He restated that the ongoing reforms will harmonise subnational levies, reduce corporate tax rates, and expand the tax net as part of broader fiscal and constitutional reforms.
“Our aim is not just to raise revenue, but to build a fair, efficient, and sustainable system that supports growth and gives confidence to investors,” Adedeji explained.
Cardoso also announced that 14 banks have fully met the new capital requirement in the ongoing recapitalisation exercise.
The apex bank introduced a new minimum capital base requirement for banks, with tiers depending on licence type.
Before then, the last major bank recapitalisation was in 2004, when the CBN raised the minimum capital requirement for all banks from N2 billion to N25 billion.
The significant increase led to a major consolidation in the banking sector, as it reduced the number of banks from 89 to 25 through a series of mergers and acquisitions.
In the current recapitalisation exercise, commercial banks with international authorisation now have a new capital requirement of N500 billion.
Commercial banks with national authorisation have N200 billion as capital requirement, and commercial banks with regional authorisation have N50 billion.
Merchant banks have a requirementof N50 billion, non-interest banks (national) N20 billion and non-interest banks (regional), N10 billion.
According to Cardoso, members of the MPC acknowledged the significant progress in the bank recapitalisation exercise, as 14 banks have fully met the new capital requirement.
They, therefore, urged the CBN to continue the implementation of policies and initiatives that would ensure the successful completion of the ongoing recapitalisation,” the CBN chief said.
News
BREAKING: Borno Sch Releases Identities Of 36 NECO Candidates Still In Boko Haram Captivity After Invasion
The identities of the students abducted by suspected Boko Haram terrorists during Monday’s attack on Government Day Secondary School, Lassa, in Askira/Uba Local Government Area of Borno State, have emerged, as school authorities confirmed that 36 candidates remain in captivity.
Documents obtained from the school show that the missing students comprise 25 female and 11 male candidates who were writing the ongoing National Examinations Council (NECO) Senior School Certificate Examination when the terrorists stormed the school.
The development provides the first comprehensive account of those still unaccounted for following the brazen attack that once again exposed the vulnerability of schools in Nigeria’s insurgency-ravaged North-East.
The list indicates that although security forces mounted a rescue operation shortly after the attack, only seven abductees have so far regained their freedom.
Those rescued comprise five female students and two teachers.
A teacher who was among those rescued told SaharaReporters that 43 persons were initially abducted, including 41 students and two teachers, leaving 36 students still in Boko Haram captivity.
The media had earlier reported that troops of Operation HADIN KAI, backed by Nigerian Air Force surveillance and strike aircraft, pursued the fleeing terrorists into the bush, engaged them in a firefight and rescued some of the victims.
Security sources also disclosed that the troops recovered motorcycles used by the insurgents during the operation.
Speaking to the media on Wednesday, a staff member of the Government Day Secondary School, who requested anonymity for security reasons, said the attack came at a heavy cost.
According to the source, one teacher, one Nigerian soldier and a local hunter were killed during the exchange with the terrorists.
“They paid the supreme sacrifice while trying to stop the terrorists from taking away the students,” the source said.
The attack occurred while students were sitting for their NECO examinations after the insurgents reportedly infiltrated Lassa community on motorcycles, disguising themselves as soldiers and operatives of the newly created Forest Guards on the town’s market day before launching the assault. Security officials said the gunmen fired sporadically, killing a teacher before whisking away students into nearby forests.
The Borno State government has since confirmed that the abducted students are between 15 and 18 years old, while efforts involving the military, police, Civilian Joint Task Force (CJTF) and local vigilantes are continuing to secure the release of those still being held.
The latest mass abduction has renewed concerns over the persistent targeting of schools by Boko Haram and its breakaway faction, ISWAP, despite repeated assurances by Nigerian authorities that educational institutions in the North-East are adequately protected.
The media had also reported that the terrorists struck Lassa barely a day after another kidnapping incident in the same Askira/Uba axis, where several women working on their farms were abducted, highlighting the worsening security situation in southern Borno.
News
Ex- Science and Tech Minister Uche Nnaji arrested over certificate scam
Former Minister of Science and Technology, Uche Nnaji, was arrested on Wednesday at the Akanu Ibiam International Airport, Enugu, where he was scheduled to board a chartered flight to Abuja.
Sources at the airport confirmed the arrest, saying Mr Nnaji would be handed over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for interrogation.
The ICPC had been on the trail of the former minister since he resigned from office last year following investigations that revealed he forged his academic certificates.
In mid-June, a Federal High Court in Abuja ordered the ICPC to arrest Mr Nnaji for investigation into the certificate forgery scandal. Beyond the arrest order, the court also granted the commission leave to declare him wanted through national newspapers, social media platforms and other media.
The ICPC had told the court that its ex parte application followed Mr Nnaji’s repeated failure to honour invitations extended to him for “investigative activities” over the forgery allegations.
Details shortly…
News
My Presidency will unite Nigeria for robust human capital development -Obi
The presidential candidate of the National Democratic Congress (NDC), Peter Obi, on Wednesday placed uniting Nigeria as his top priority for robust human capital development.
Writing on his X handle to unveil his vision for a “productive and prosperous Nigeria.”
Titled ” My Vision for a Productive and Prosperous Nigeria”, Obi said, “When I decided to contest for the office of President of Nigeria, I pledged to place Nigeria on the path of unity and national transformation. Now, as the Nigeria Democratic Congress (NDC) candidate, I will, in the coming weeks and months, provide insights into the roadmap that I am confident will help curb abuse in government, halt the decline in the quality of life of Nigerians at all levels, and usher in an era of unity, peace, sustained progress, and prosperity.
“This vision is anchored on a commitment to unity, inclusion, social justice, equity, and the freedom of every citizen to pursue lawful dreams.
Central to this proposed roadmap are significant reforms in education and healthcare, which are at the core of human capital development.
“A robust human capital is indispensable infrastructure for national progress. It serves as the fundamental capital upon which daily life, economic expansion, and the delivery of essential public services depend
“They are foundational areas that we must reform with energy and determination if we are to reap the demographic dividend of our youthful population.
“From the outset of my presidency, we will establish a task force dedicated to drastically reducing the menace of out-of-school children. We will place greater emphasis on Technical and Vocational Education and Training (TVET) to support our drive for massive industrialisation, anchored on our agricultural endowments and value addition across value chains organised around industrial parks to be located in development zones across the geopolitical regions of the country.
“Funding and improved equipment of TVET institutions, through partnerships among government, the private sector, and social entrepreneurs such as faith-based educators, will facilitate apprenticeship opportunities in the private sector, similar to the German dual education system.
“The situation in which unemployment remains high while Nigerian entrepreneurs establish businesses elsewhere because skilled labour is scarce must be confronted decisively. Doing so is essential for the common good and for facilitating our transition from a consumption-driven economy to a production-driven one.
“Character and civic education, emphasising the values that foster trust—an essential ingredient for enterprise and leadership—as well as shared national values, will receive significant attention within the tripartite approach to governance that we propose.
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