President Bola Tinubu’s reform has skyrocketed Nigeria’s monthly revenue by 411 per cent, climbing from N711 billion in May 2023 to over N3.635 trillion by September 2025.
Executive Chairman of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, disclosed this at the inauguration of the new NRS head office in Abuja on Tuesday.
Adedeji credited this growth to bold reform measures that he claims saved the nation from “total collapse.”
He noted that when the administration took office, Nigeria was at a breaking point characterized by a suffocating fiscal space, eroded investor confidence, and deep structural flaws.
Adedeji highlighted several key interventions that prevented a national catastrophe:
*Subsidy Removal, ending the unsustainable fuel subsidy regime.
*FX Unification, harmonizing foreign exchange markets to restore credibility.
*Debt Clearance, addressing longstanding backlogs to stabilize the economy.
To illustrate the impact of these reforms, Adedeji contrasted the current figures with the dire economic indicators of early 2023:
*Tax-to-GDP Ratio, struggling at less than 10%.
*Debt Servicing, consuming a staggering 97% of total revenue.
*Supply Crises, frequent product scarcities and fiscal instability.
According to Adedeji, these strategic shifts were not just policy changes but essential lifelines that restored macroeconomic stability and averted an imminent fiscal disaster.
He declared that the present administration undertook one of the most significant revenue reforms in Nigeria’s history.
“Over 60 fragmented tax laws were streamlined into a simplified and more coherent framework, strengthening compliance, improving predictability and enabling efficiency in administration”, he said.
“Crucially, this reform was not driven by higher tax burdens, but by better systems, broader coverage, and stronger governance.
“The outcome speaks for itself, with Nigeria recording a historic domestic revenue performance, demon\strating that disciplined reform yields sustainable results.”
In a goodwill message, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described the new facility as more than just a capital expenditure.
He framed the building as a strategic investment and a physical symbol of Nigeria’s modernized approach to revenue generation.
Represented by the Minister of State for Finance, Prof. Taiwo Oyedele, the Minister praised Adedeji’s persistence in completing the project and his role in overhauling the Nigerian tax system.
However, the administration’s economic narrative faced pushback from Peter Obi.
The 2023 Labour Party presidential candidate criticized the government’s mounting debt, sounding an alarm that the nation’s current fiscal trajectory is “heading to disaster.”
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