… Says Fiscal Reforms, Digital Drive Surge
…2025 Inflows Already Exceed Full-Year Figures Of Past Two Years
Daud Olatunji
The Revenue Mobilisation Allocation and Fiscal Commission has reported a significant surge in Nigeria’s federation account, with total accruals rising to N23.06tn between January and October 2025, surpassing full-year revenues recorded in previous years.
The Chairman of the commission, Mohammed Shehu, disclosed this on Monday in Abuja at a two-day national stakeholders’ discourse on “Enhancing Fiscal Efficiency and Revenue Growth under the Nigeria Tax Act, 2025.”
Shehu said the latest figure marked a sharp improvement on the N11.93tn recorded in 2023 and N21.43tn posted in 2024, describing the performance as a clear indication that ongoing fiscal reforms were yielding tangible results.
According to him, total gross accruals stood at N11.93tn in 2023, reflecting the early impact of reforms introduced by the current administration, before rising significantly to N21.43tn in 2024 on the back of improved coordination among revenue-generating agencies, stronger audits and enhanced compliance mechanisms.
“Accruals for January to October 2025 alone reached N23.06tn, already exceeding the full-year figures of previous years,” Shehu said.
He attributed the sustained growth to fiscal discipline, expanded digital revenue tracking systems and reforms that broadened the revenue base across both oil and non-oil sectors.
The RMAFC boss noted that the improved inflows had strengthened statutory allocations to the Federal, State and Local Governments, reduced revenue volatility and gradually lowered Nigeria’s dependence on oil earnings.
Shehu reaffirmed the commission’s commitment to safeguarding federation revenues, stressing that transparency and accountability would remain central to its oversight functions.
He also said the new Tax Act, scheduled to take effect in January 2026, emerged from extensive consultations by the Presidential Committee on Fiscal Policy and Tax Reform, which culminated in four tax reform laws assented to in June.
According to him, the Act harmonises previously fragmented tax laws, eliminates duplication, reduces compliance costs and improves the ease of doing business, while creating a more predictable and sustainable fiscal environment.
“The discourse was convened to deepen stakeholders’ understanding of the Act’s implementation and to address misconceptions through expert engagement,” Shehu added.
Speaking at the event, the Minister of Solid Minerals Development, Dele Alake, said RMAFC’s constitutional mandate remained central to Nigeria’s peace, governance and fiscal stability.
Alake, who was represented by Peluola Olusegun, noted that effective implementation of the Tax Act would require close collaboration among governments, legislative bodies, institutions and the private sector to fully assess fiscal implications and improve efficiency.
He also identified the solid minerals sector as a major growth frontier, with opportunities in renewable energy, assuring that the Federal Government was committed to governance reforms, investment and partnerships to maximise economic benefits.
Similarly, the Chairman of RMAFC’s Fiscal Efficiency and Budget Committee, Desmond Akawor, described the Tax Act as a major reform milestone aimed at modernising tax administration, strengthening compliance, closing revenue leakages and expanding the revenue base at all levels of government.
“For these reforms to achieve their intended outcomes, active participation, cooperation and shared understanding among stakeholders are indispensable,” Akawor said.
On his part, the Chairman of the Tax Reforms Committee, Taiwo Oyedele, said the new tax framework was designed to create a fairer, simpler and more efficient system that would boost economic growth and government revenue.
Oyedele added that from January 2026, Nigerians would no longer pay certain basic taxes, including those related to food, shelter and education, as part of efforts to ease the burden on citizens.
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