Inflows into Nigeria’s Federation Account rose to N23.06 trillion in the first ten months of 2025, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said. The growth reflects fiscal reforms, stronger audits, and improved coordination among revenue agencies.
RMAFC Chairman Mohammed Shehu disclosed the figures on Monday in Abuja during the National Stakeholders’ Discourse on Enhancing Fiscal Efficiency and Revenue Growth under the Nigeria Tax Act, 2025. “The 10-month accrual from January to October 2025 was N23,058,248,707,725.50, showing steady growth from N11.93tn in 2023 and N21.43tn in 2024,” he said.
Shehu attributed the increase to fiscal reforms, digital tracking, and stronger audits that expanded the revenue pool available for federal, state, and local governments. He said the reforms reduce dependence on oil revenues and address risks from crude price volatility.
The Nigeria Tax Act, 2025, which takes effect January 1, 2026, harmonises fragmented tax laws, removes obsolete provisions, and eases compliance. Shehu said it strengthens fiscal predictability, reduces regional disparities, and improves ease of doing business.
Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, said the reforms correct long-standing structural weaknesses. “These changes promote fairness, transparency, and economic growth while easing burdens on taxpayers,” he said.
The Act exempts low-income earners from personal income tax, reduces PAYE for middle-income earners, and zero-rates VAT on essential goods. Capital gains tax exemptions are included to support long-term investment.
Dr. Jani Ibrahim, National President of NACCIMA, welcomed the reforms, noting their potential to strengthen revenue mobilisation and fiscal sustainability. Central Bank representatives also praised the measures for improving transparency and expanding the tax base.
Shehu added that RMAFC will intensify monitoring of revenue collection and disbursement through audits and collaboration with subnational governments, ensuring efficiency and accountability in public finance.
