The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has reported that inflows into the Federation Account totaled N23.06 trillion in the first 10 months of 2025. The commission attributed the growth to fiscal reforms, enhanced audits, and improved coordination among revenue agencies.
Chairman Mohammed Shehu disclosed this on Monday in Abuja during his keynote address at the National Stakeholders’ Discourse on Enhancing Fiscal Efficiency and Revenue Growth under the Nigeria Tax Act, 2025. He described the surge in inflows as a reflection of greater fiscal discipline, reduced dependence on oil earnings, and a more resilient public finance system.
Shehu noted that inflows rose from N11.93tn in 2023 and N21.43tn in 2024, driven by tracking mechanisms, digital monitoring, and structural reforms. He added that the Nigeria Tax Act, 2025, which takes effect January 2026, will harmonise tax laws, reduce compliance burdens, and improve ease of doing business.
Other speakers, including Taiwo Oyedele of the Presidential Fiscal Policy and Tax Reforms Committee and Dr Jani Ibrahim of NACCIMA, highlighted that the reforms aim to broaden the tax base, enhance fairness, eliminate outdated provisions, and support economic growth.
The reforms are also expected to exempt low-income earners from personal income tax, reduce VAT on essential goods, and promote efficiency in tax administration while fostering long-term fiscal sustainability.
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