The Federal Inland Revenue Service has achieved a record-breaking tax collection of N47.39tn between October 2023 and September 2025 under the current leadership of the FIRS Chairman, Zacch Adedeji.

President Bola Tinubu had approved the appointment of the tax chair on September 14, 2023.

The tax agency exceeded its revenue target by 15 per cent, according to new performance figures obtained by our correspondent on Sunday.

The data show that the service recorded sustained growth in both oil and non-oil revenue sources, reflecting the impact of ongoing tax reforms and modernisation initiatives.

The N47.39tn collection represents a sharp jump from N21.97tn recorded between October 2021 and September 2023, underscoring a 115 per cent performance against target.

Within the period, non-import VAT exceeded its target by 137 per cent, while import VAT hit 131 per cent, signalling stronger compliance among registered businesses via enhanced digital monitoring and stricter enforcement of tax remittances across key sectors.

The document read, “In the last two years (October 2023 to Sept 2025), FIRS achieved significant revenue improvements in mobilisation.

It achieved a record-breaking revenue growth of N47.39tn, representing 115 per cent of the target. Non-oil revenue accounted for 76 per cent of total collections, reflecting diversification and reform success.”

From January to September 2025 alone, the FIRS collected N22.59tn, equivalent to 120 per cent of its revenue target and about 90 per cent of the annual target of N25.2tn.

From this amount, oil tax receipts amounted to N5.29tn, reflecting 98 per cent of the target for the period. Despite lingering challenges in the upstream oil sector, the figure signals improved compliance and recovery in petroleum profit and hydrocarbon taxes.

In contrast, non-oil taxes surged to N17.3tn, surpassing projections by 128 per cent and accounting for 76 per cent of total revenue collected within the review period.

Between January and September 2025, the Service recorded a total collection of N22.59tn, representing 120 per cent of the target for the period and about 90 per cent of the annual target.

“Of this amount, oil tax revenue stood at N5.29tn, achieving 98 per cent of the target, while non-oil taxes contributed N17.3tn, representing 128 per cent of the target and accounting for 76 per cent of the total collection,” it added.

The revenue performance was driven largely by Company Income Tax (non-oil), which contributed 32.6 per cent of total receipts, followed by non-import VAT (23.2 per cent) and Petroleum Profit Tax/Hydrocarbon Tax (17.4 per cent).

Other key contributors included Company Income Tax (upstream activities) at 7.1 per cent, import VAT (7.03 per cent), education tax (6.1 per cent), and gas income (2.3 per cent).

Levies such as electronic money transfer, capital gains, and stamp duties made up smaller proportions.

The FIRS attributed the revenue surge to its sustained reform drive under the leadership of its current management team, including the deployment of digital platforms such as the National Single Window, the National E-Invoicing System, and improved stakeholder integration.

The agency also credited the enactment of new tax reform laws in 2025, which simplified compliance procedures, closed administrative loopholes, and aligned Nigeria’s tax regime with global best practices.

If the pace is sustained, projected revenue by December 2025 could reach or even exceed the FIRS internal target of N25.2tn, which is 37.6 per cent higher than the figure captured in the national budget.

Such performance could provide the Federal Government with fiscal flexibility to fund infrastructure, reduce borrowing, and possibly clear arrears, though actual revenue utilisation and cash inflows remain subject to macroeconomic conditions and oil market volatility.

But the FIRS chairman, in a briefing, stated that the government will continue to borrow despite its significant revenue inflows in recent months.

He argued that borrowing is not a sign of weakness but part of the country’s broader economic strategy.

“Borrowing is not a problem…is borrowing not part of the budget we submitted to the National Assembly. Was it not approved? Are we borrowing aside what was approved?”

Adedeji told State House Correspondents during last month’s session of the Meet-the-Press series organised by the Presidential Communications Team at the Aso Villa, Abuja.

He described the move as an integral component of Nigeria’s financial ecosystem and overall economic plan, stressing that the government’s approach is designed to balance revenue performance with long-term development objectives: “What is the component of a country’s budget? You have your expenditure, revenue, and loan in all budgets. So, if my expenditure for this year is N100,000 and my plan is that N80,000 will be from my revenue, I will borrow N20,000. If I’ve done revenue of N90,000 and I’m borrowing N10,000 according to what I have in my budget, what is the problem with that?”

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Leading financial technology firm, OPay, is set to host the Empowering Futures Conference 2025 on October 31 at the Marriott Hotel, Ikeja, one year after launching its landmark N1.2bn, 10-Year Scholarship Programme to support education and youth development.

In a statement on Sunday, the fintech firm said that the conference will bring together stakeholders from academia, the private sector, and the media to reflect on the milestones achieved in the past year and discuss how greater collaboration can amplify the impact of social investments in Nigeria.

Since its inception, OPay’s N1.2bn Scholarship Programme has become a cornerstone of the company’s corporate social responsibility vision. In its first year, the programme successfully onboarded 20 tertiary institutions nationwide, enabling hundreds of students across all six geopolitical zones to access financial assistance for tuition, accommodation, and essential study materials.

OPay said that the inaugural edition of the Empowering Futures Conference will not only celebrate this progress but also mark the official unveiling of the OPay CyberLab Initiative,  a forward-looking project aimed at advancing digital literacy and innovation across Nigeria’s higher institutions.

The conference will also spotlight the Graduate Recruitment Initiative, which connects top graduates with job opportunities within OPay’s ecosystem. Together, these programmes reflect the company’s broader mission to empower the next generation with the skills and opportunities needed to thrive in a digital economy.

The Chief Commercial Officer at OPay, Elizabeth Wang, said, “At OPay, our belief is simple: access to quality education and technology creates lasting change. Through the Scholarship Programme, Graduate Recruitment, and now the CyberLab Initiative, we’re helping young Nigerians turn potential into purpose. The Empowering Futures Conference is our way of celebrating these strides and inspiring even greater collaboration for national impact.”

The Empowering Futures Conference 2025 represents a defining milestone in OPay’s CSR journey; a moment to celebrate achievements, unveil new initiatives, and reaffirm the company’s commitment to empowering Nigerian youth through education, innovation, and opportunity.

OPay was established in 2018 as a leading financial institution in Nigeria with the mission to make financial services more inclusive through technology. The company offers a wide range of payment services, including money transfer, bill payment, airtime & data purchase, card service, and merchant payments, among others. Renowned for its super-fast experience and reliable network, OPay is licensed by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Commission with the same insurance coverage as commercial banks.

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The naira recorded a mixed performance in the past week, as it appreciated 1.12 per cent at the official market and weakened 0.49 per cent at the parallel market.

At the official market, the naira closed the week’s trading at 1,457.95/$ from 1,475.35/$ in the previous week, supported by limited interventions from the Central Bank of Nigeria and inflows from Foreign Portfolio Investors.

At the parallel market, the naira weakened marginally by 0.49 per cent to 1,491.25/$1, which analysts believed was a reflection of persistent FX demand pressures and cautious investor sentiment.

Meanwhile, Nigeria’s external reserves continued its steady rise as it stood at $42.87bn on Wednesday, which is about $170m appreciation from the previous Friday’s figure.

The improvement was supported by steady oil receipts, stronger non-oil inflows, and a sustained trade surplus, all of which continued to underpin the CBN’s FX stability efforts.

The analysts at Cowry Asset Management Limited in their weekly report projected a positive outlook for the naira in the coming week, saying, “In the coming week, we expect the naira to experience mild pressure in the near term as FX demand persists amid limited market liquidity. However, steady oil receipts and a gradual build-up in external reserves could offer some support to the local currency. We continue to monitor CBN interventions and global oil price movements, which are likely to shape sentiment and exchange rate direction in the coming week.”

The experts at Afrinvest expressed similar sentiments about the outlook for the naira in the coming week.

“In the week ahead, we expect the naira to trade within similar bands across FX segments, barring any short-term market disruptions,” the Afrinvest Research team stated.

In the long run, the naira is expected to benefit from the decision of the Central Bank of Nigeria to revisit the issue of currency swap. At the just-concluded IMF/World Bank Annual Meetings in Washington, DC, CBN Governor, Olayemi Cardoso, explained that while the country had previously experimented with local currency trade agreements, the initiative did not yield the desired results.

“We have had an experiment with that (switching to national currencies in bilateral trade). And to be frank, it did not work out very well for us. That is not to say that we are not interested in doing this. We are. And we are really at an elementary stage of putting up a framework, now that our currency is more competitive, to be able to ensure that it is a win-win for everybody,” he said.

Commending the move, Comercio Partners, in its latest investment email, Traders Voice, titled, ‘The Sequel Nobody Asked For’, said, “The new naira–yuan swap deal worth N3.28tn aims to improve trade settlements and reduce reliance on the dollar. Cardoso admitted previous attempts fizzled due to weak logistics and poor awareness, but says recent FX reforms have made the naira more competitive. If this one sticks, it could strengthen trade ties and stabilise reserves, third time’s the charm, hopefully.”