Abuja: The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says Nigeria’s Federation Account recorded a strong growth of N23.06 trillion in the first 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” on Monday in Abuja.
Shehu said that the 2025 performance was an 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.
He said that total gross accruals stood at N11.93 trillion in 2023, reflecting early impacts of fiscal reforms under the current administration.
According to him, 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.
He attributed the growth to digital revenue tracking, fiscal discipline, and reforms that expanded the revenue base across oil and non-oil sectors.
He said that the improved inflows strengthened allocations to 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 that the Tax Act, which would take effect in January 2026, followed extensive consultations by the Presidential Committee on Fiscal Policy and Tax Reform.
He also said that the committee’s work led to four tax reform laws, assented to in June, to streamline administration, reduce compliance costs, and strengthen revenue governance.
The chairman said that 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 said 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 that the commission’s constitutional and statutory mandate remained central to Nigeria’s peace and governance architecture.
According to Alake, the Act’s effective implementation requires collaboration among governments, legislative agencies, institutions, and the private sector to assess fiscal implications and enhance efficiency.
He said that the solid mineral sector offered opportunities for renewable energy, assuring commitment to governance reforms, investment, and partnerships to strengthen Nigeria’s fiscal architecture and economic benefits.
Alake was represented by Mr Peluola Olusegun from the ministry.
Mr Desmond Akawor, Chairman of the Fiscal Efficiency and Budget Committee of the RMAFC, said that the Tax Act represented a major reform milestone.
Akawor said the reforms aimed to modernise tax administration, strengthen compliance frameworks, close revenue leakages, and expand 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.
Taiwo Oyedele, Chairman of the Tax Reforms Committee, said that the importance of the new tax reforms lies in creating a fairer, simpler, and more efficient system that boosts economic growth and government revenue.
Oyedele said that there were basic taxes that Nigerians would stop paying from January, which include food, shelter, and education, among others.