Economy
Nigeria’s Tax Collections Reach N22.59trn in Nine Months, N47.39trn in Two Years
By Adedapo Adesanya
The Federal Inland Revenue Service (FIRS) has achieved significant revenue improvements, as tax collections reached N22.59 trillion between January and September 2025.
This was disclosed by the Chairman of the service, Mr Zacch Adedeji, adding that the service also achieved a record-breaking revenue growth of N47.39 trillion between October 2023 and September this year, representing 115 per cent of its target.
Highlighting FIRS’ key achievements under his watch, he said 2025 represented a period of remarkable achievements and transformation, as non-oil revenue accounted for 76 per cent of total collections, reflecting diversification and reform success.
Giving a breakdown of key tax performance, Mr Adedeji said oil tax revenue stood at N5.29 trillion, representing 98 per cent of target, while non-oil taxes stood at N17.3 trillion, representing 128 per cent of the target for the nine-month period and 76 per cent of total collection.
Non-import VAT accounted for 137 per cent of target while import VAT accounted 131 per cent of target.
Mr Adedeji further assured of fair implementation of the new tax laws, vowing that the service will meet and surpass government revenue target, continually pursue the digitalisation of tax processes, training and retraining of officers, as well as partnership with all stakeholders.
He said FIRS’ proposed transformation to the Nigeria Revenue Service (NRS), effective January 1, 2026, will expand the agency’s mandate to include non-tax revenue collection from Nigeria Upstream Petroleum Regulatory Commission (NUPRC).
The FIRS helmsman stated that building on the foundations laid during his first year in office, the service had continued to strengthen the country’s tax administration through strategic reforms, technological innovation, and enhanced operational efficiency.
He said during the period, the service not only met its revenue targets but also advanced several landmark initiatives that were reshaping the fiscal landscape.
Key milestones included meeting and sustaining revenue collection targets through improved efficiency and compliance measures, and passage of key tax reform acts designed to modernise Nigeria’s tax framework and promote transparency.
Mr Adedeji noted that under his adminstration said the service drove the implementation of National Single Window Project to simplify and harmonise trade and tax processes, as well as the launch of the e-invoicing system to enhance accuracy, accountability, and digital integration in tax collection.
He said the tax policy consisted of a tripod – basically the development of sound and inclusive tax policies that support national growth and fiscal stability; promoting fairness, broadening the tax base, and aligning policy direction with the country’s long-term economic objectives.
The FIRS chairman further clarified that recent tax reforms through the enactment of new laws aimed to promote fairness and equity, competitiveness, simplification, and efficiency of the tax system.
He said modernisation of tax administration was being implemented through technology, process improvement (restructuring of internal operations to a one-stop-shop), and staff capacity development.
“A major highlight of 2025 was the successful passage of several key tax reform laws, part of the government’s broader fiscal modernization agenda. These new laws aim to simplify tax compliance, close administrative gaps, and align Nigeria’s tax system with international best practices.
“Also, a key reform is the transformation of FIRS to the Nigeria Revenue Service (NRS), effective January 1, 2026. This expands the agency’s mandate to include non-tax revenue collection from Nigeria Upstream Petroleum Regulatory Commission (NUPRC).”
Mr Adedeji said, “Building on progress made in 2024, the National Single Window Project advanced significantly in 2025. The digital platform, designed to connect ports, government agencies, and trade stakeholders, is streamlining import and export processes, reducing clearance times, and improving transparency.
“This initiative continues to strengthen Nigeria’s global trade competitiveness and supports the government’s broader agenda to enhance efficiency and ease of doing business.
“In August 2025, FIRS launched the full implementation of the National e-Invoicing Solution (Merchant-Buyer Model) following a successful pilot phase. The system enhances transparency, efficiency, and real-time monitoring of business transactions.”
He stressed that the *829# USSD Code initiative, which was launched on October 9, 2024, will allow taxpayers to access services including retrieving their Taxpayer Identification Number (TIN), verifying TCCs, viewing tax types and rates, locating tax offices and making general enquiries directly from their mobile phones.
On collaborations with other agencies and taxpayer education and awareness, Mr Adedeji stated that FIRS will host a tax clinic across the country to improve tax education and compliance among small businesses, start-ups, and informal sector operators, offering direct assistance with tax filing and dispute resolution.
Commenting on international tax cooperation, he said FIRS advanced Nigeria’s global tax leadership by concluding five mutual agreement processes with Belgium, France, and Netherlands, as well as partnership with the Swedish Revenue Agency to facilitate α training programme on tax administration to increase voluntary compliance.
He said the service concluded treaty negotiations with Hong Kong, Botswana, Tanzania, Rwanda and Switzerland, including renegotiation of legacy tax treaties starting with the Netherlands, and commenced treaty negotiations with Saudi Arabia, Kuwait, Qatar, Morocco, India and Jersey.
“FIRS has in 2025, continued its transformation into a modern, technology-driven, and service-oriented institution, and has achieved major legislative, operational, and technological milestones that position it for sustained growth and greater efficiency.
“FIRS remains committed to simplifying tax, maximising revenue, and enabling national development through transparency, innovation, and stakeholder collaboration,” he noted.
By Adedapo Adesanya
The prices of the two major crude oil grades further declined on Tuesday as investors kept a close watch on crude flows through the Strait of Hormuz following signs of progress in US-Iran peace talks.
Brent futures lost 82 cents or 1.1 per cent to trade at $77.08 per barrel, while the US West Texas Intermediate (WTI) futures gave up 65 cents or 0.9 per cent to sell for $73.21 a barrel.
The market continued to edge lower after the US granted Iran a 60-day sanctions waiver following initial peace talks, while hostilities in Lebanon eased under a broader agreement.
Investors are cautiously watching how quickly Middle Eastern producers can resume oil production and exports following damage from the war, and whether more ships will enter the region.
After US Vice President JD Vance left Switzerland on June 22 after a round of talks over the weekend, President Donald Trump issued a warning to Iran that “I will do what I have to do” if it does not stick to its agreement with the US.
Mr Vance had noted movement on a framework toward reaching a final peace deal within 60 days, including the guarantee of safe passage through the Strait of Hormuz, an end to fighting in Lebanon, and Iran’s acceptance of visits by international nuclear inspectors.
On Tuesday, Oman and Iran agreed to press on with discussions about the future administration of navigation in the Strait of Hormuz, through which 20 per cent of crude and liquified natural gas (LNG) passes.
US Secretary of State Marco Rubio said on Tuesday that Iran would not be able to charge tolls in the key waterway as part of any final agreement with the United States, saying such an arrangement would violate international law.
According to the International Energy Agency (IEA), the world has lost millions of barrels of oil and gas supply since the Iran war closed the strait, putting the shut-in data at more than 14 million barrels per day of oil output or about 14 per cent of world demand.
Meanwhile, President Trump claimed that 19 million barrels of oil flowed out of the strait on Monday, and pointed to falling oil prices in a social media post on Tuesday.
The American Petroleum Institute (API) estimated that crude oil inventories in the US fell by 765,000 barrels in the week ending June 19. Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
By Aduragbemi Omiyale
The marketing and promotion of the planned initial public offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE has been banned by the Securities and Exchange Commission (SEC).
A statement from the apex capital market regulator on Tuesday emphasised that it had yet to receive any application for such an offer or approve the purported IPO.
SEC noted that it had become aware of advertisements, flyers, digital banners and targeted electronic mails circulating on social media platforms and investment channels concerning a supposed securities offering by the refinery.
It expressed concern over the involvement of some Registered Capital Market Operators (CMOs) in what it described as an “unwholesome and manipulative exercise” of actively soliciting advance subscriptions for an offering that has not been presented to the commission.
“No application for the registration of an IPO or public offer of shares of the Refinery has been filed with or approved by the commission,” the agency noted, adding that the ongoing pre-marketing activities were “capable of misleading investors, distorting market expectations, creating information asymmetry and generally undermining the integrity of the capital market.”
It further stated that the marketing campaign and invitations to “create accounts”, “pre-fund,” or “secure guaranteed allocations” amounted to market manipulation and constituted “serious violation of the Investments and Securities Act.”
Consequently, the SEC directed all Registered Capital Market Operators, particularly stockbrokers and digital platform promoters, to immediately stop all promotional activities.
It also directed them to “cease with immediate effect from publishing, reposting, or distributing any promotional material, flyer, or commentary relating to the acquisition or allocation of shares in the Refinery.”
The commission further ordered operators to “remove or take down all such unauthorised marketing materials from websites, social media handles (including X, LinkedIn, Instagram, Facebook etc.), and messaging groups within twenty-four (24) hours of this notice.”
The regulator further instructed operators to desist from accepting deposits, commitments, account openings or expressions of interest from investors for the purported public offering and to “reverse and refund all funds already collected in connection with this purported offering to clients within twenty-four (24) hours of this notice.”
The organisation warned that defaulters would face sanctions as non-compliance would attract penalties under the Investments and Securities Act, 2025 and the SEC Rules and Regulations.
Advising investors to exercise caution, the SEC said members of the public should “rely only on formal, official pronouncements issued directly by the commission through its official channels.”
It warned that “all such high-pressure marketing tactics, or transfer of funds to any operator for ‘pre-IPO’ placement should be ignored as they did not receive the commission’s approval.”
SEC assured that if it eventually receives and clears an application for a public offering by the refinery, an approved prospectus would be made available to investors in line with the provisions of the Investments and Securities Act, 2025.
By Aduragbemi Omiyale
The N6.3 billion shares of Ellah Lakes Plc converted from debt to equity have been listed on the Nigerian Exchange (NGX) Limited.
Instead of paying its creditors N6.3 billion loans in cash, Ellah Lakes triggered the option of paying back in equities.
According to a notice from NGX Regulation Limited on Tuesday, the company gave the creditors a total of 2,252,142,858 ordinary shares of 50 Kobo at a unit price of N2.80, amounting to N6.306 billion.
The listing of these additional stocks of Ellah Lakes has raised its total issued and fully paid-up shares to 6,110,316,536 ordinary shares of 50 Kobo each from 3,858,173,678 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that additional 2,252,142,858 ordinary shares of 50 Kobo each of Ellah Lakes Plc were today, Tuesday, June 23, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from Ellah Lakes Plc’s conversion of N6,306,000,000.00 debt-to-equity.
“With this listing of the additional 2,252,142,858 ordinary shares, the total issued and fully paid-up shares of Ellah Lakes Plc has now increased from 3,858,173,678 to 6,110,316,536 ordinary shares of 50 Kobo each,” the circular signed by Bonaventure Onwuji for the Head of Issuer Regulation Department stated.
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