Nigeria’s revenue jumped 411% in one year – NRS reveals

The Nigeria Revenue Service has declared that federation revenues have risen more than fourfold in just over a year, driven mainly by non-oil collections.

Figures released by the Revenue Service chairman, Zach Adedeji, show receipts surged to ₦3.64 trillion in September 2025, compared to ₦711 billion in May 2023, a 411 percent increase.

Non-oil revenue rose sharply to ₦1.06 trillion from ₦151 billion, while oil receipts climbed to ₦644 billion from ₦96 billion. Customs duties and VAT collections also recorded significant growth.

The agency disclosed it collected ₦20.6 trillion in the first eight months of 2025, representing a 41 percent year-on-year increase, and well above its baseline growth target. Its full-year projection is ₦25.2 trillion, compared with ₦21.6 trillion realised in 2024.

Adedeji, while briefing state house journalists on Tuesday, defended Nigeria’s continued borrowing, insisting the loans remain within budget limits, are serviceable, and targeted at long-term national projects.