NRS Chief Credits Tinubu's Reforms for Nigeria's Monthly Revenue Surge to N3.6 Trillion
Executive Chairman of the Nigeria Revenue Service (NRS), Dr Zacch Adedeji, has announced that President Bola Tinubu's bold reform decisions have propelled Nigeria's monthly revenue generation from N711 billion in May 2023 to over N3.635 trillion by September 2025, marking an impressive 411 per cent growth.
Speaking at the inauguration of the NRS head office complex in Abuja on Tuesday, Adedeji emphasized that these reform measures saved Nigeria from total collapse, given the severe fiscal stress the country faced upon Tinubu's assumption of office in 2023. He described that period as a critical inflexion point characterized by constrained fiscal space, weakened investor confidence, and structural distortions across key sectors.
Key Reforms Driving Revenue Growth
Adedeji highlighted that timely interventions, including the removal of fuel subsidy, unification of foreign exchange markets, and clearing of longstanding backlogs, restored macroeconomic credibility and averted potential catastrophe. Before these reforms, Nigeria struggled with a tax-to-GDP ratio below 10 per cent, a debt service-to-revenue ratio of 97 per cent, unsustainable subsidies, and product scarcity.
The administration undertook one of the most significant revenue reforms in Nigeria's history, streamlining over 60 fragmented tax laws into a simplified and coherent framework. This reform strengthened compliance, improved predictability, and enabled administrative efficiency, driven not by higher tax burdens but by better systems, broader coverage, and stronger governance.
Minister of Finance Commends Progress
In a goodwill message, Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, represented by Minister of State Finance Dr Taiwo Oyedele, praised the completed NRS facility as an investment and a physical expression of Nigeria's modernization of revenue systems. He commended Adedeji's doggedness in delivering the project and transforming the Nigerian tax system.
Peter Obi Criticizes Rising Debt Despite Reforms
However, former Labour Party presidential candidate and now African Democratic Congress chieftain, Peter Obi, criticized Tinubu's administration at the ADC's national convention in Abuja. He warned that Nigeria is "heading to disaster" due to its escalating debt profile, despite the subsidy removal intended to reduce borrowing.
Obi argued that while the previous administration left a debt of about N87 trillion, the current government has increased it to nearly N200 trillion, borrowing over 130 per cent more. He noted that contractors remain unpaid, and no projects in the 2025 budget have been funded, urging Nigerians to take collective responsibility for what he described as the country's economic drift.
The contrasting perspectives highlight ongoing debates over Nigeria's fiscal health, with revenue gains under Tinubu's reforms juxtaposed against concerns over mounting debt and economic sustainability.
