ABUJA – The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said that Nigeria’s Federation Account recorded a strong growth of N23.06 trillion within 10 months of 2025.
The Chairman of the commission, Dr Mohammed Shehu, disclosed this at a two-day National Stakeholders’ Discourse on “Enhancing Fiscal Efficiency and Revenue Growth Under the Nigeria Tax Act, 2025” in Abuja.
Shehu said the 2025 performance marked a significant improvement on the N11.93 trillion recorded in 2023 and N21.43 trillion in 2024.
He attributed the revenue growth to fiscal reforms, improved coordination among revenue agencies, stronger audits and expanded digital tracking systems.
According to him, total gross accruals stood at N11.93 trillion in 2023, reflecting the early impact of fiscal reforms under the current administration.
He said inflows increased significantly to N21.43 trillion in 2024, driven by improved revenue coordination, stronger audits and enhanced compliance mechanisms.
“Accruals for January to October 2025 alone reached N23.06 trillion, surpassing the full-year figures of previous years,” he said.
Shehu attributed the growth to digital revenue tracking, fiscal discipline and reforms that expanded the revenue base across oil and non-oil sectors.
He said the improved inflows strengthened allocations to the federal, state and local governments, reducing volatility and dependence on oil revenues.
The RMAFC chairman reaffirmed the commission’s commitment to monitoring accruals and safeguarding federation revenues through transparency and accountability measures.
He said the Tax Act, which would take effect in January 2026, followed extensive consultations by the Presidential Committee on Fiscal Policy and Tax Reform.
He added that the committee’s work led to four tax reform laws, assented to in June, aimed at streamlining administration, reducing compliance costs and strengthening revenue governance.
Shehu said the new Tax Act harmonised fragmented laws, removed duplication, improved ease of doing business and would create a predictable, transparent and sustainable fiscal environment.
He explained that the discourse was convened to deepen stakeholders’ understanding of the Act’s implementation, urging participants to engage experts and clarify public misconceptions.
The Minister of Solid Minerals Development, Dr Dele Alake, said the commission’s constitutional and statutory mandate remained central to Nigeria’s peace and governance architecture.
According to Alake, effective implementation of the Act requires collaboration among governments, legislative agencies, institutions and the private sector to assess fiscal implications and enhance efficiency.
He said the solid minerals sector offered opportunities for renewable energy, assuring stakeholders of the government’s commitment to governance reforms, investment and partnerships to strengthen Nigeria’s fiscal architecture and economic benefits.
Alake was represented by Mr Peluola Olusegun.
Mr Desmond Akawor, Chairman, Fiscal Efficiency and Budget Committee of RMAFC, said the Tax Act represented a major reform milestone.
Akawor said the reforms were aimed at modernising tax administration, strengthening compliance frameworks, closing revenue leakages and expanding the revenue base across all tiers of government.
“For these reforms to achieve their intended outcomes, active participation, cooperation and a shared understanding among all relevant stakeholders remain indispensable,” he said.
The Chairman of the Tax Reforms Committee, Taiwo Oyedele, said the importance of the new tax reforms lay in creating a fairer, simpler and more efficient system that would boost economic growth and government revenue.
Oyedele said there were basic taxes Nigerians would stop paying from January, including those on food, shelter and education.
