Nigeria’s Federal Inland Revenue Service, has recorded a significant revenue surge in the first half of 2025, collecting a total of N14.27tn, representing a 43 per cent growth compared to the same period in 2024.
According to the data from the performance evaluation report from the Presidency, the figure, which exceeds the baseline growth target of 16.4 per cent, puts the service on a strong trajectory toward achieving its N25.2tn revenue target for 2025.
The breakdown of the revenue performance showed that collections in the first six months of 2025 outpaced the N9.98tn realised in the same period of 2024.
The analysis underscores a marked improvement in both oil and non-oil tax receipts.
The favourable increase highlights the accelerated pace of revenue collection against 2024 and underscores continued momentum toward achieving the 2025 revenue target,” the Punch newspaper on Thursday quoted the report as saying.
It added that the oil tax revenue for the period stood at N3.63tn, up from N2.60tn in the first half of 2024, reflecting a 39.4 per cent increase.
The growth comes amid improved compliance by oil companies and intensified efforts by the Federal Inland Revenue Service to track and tax extractive industry earnings.
Similarly, non-oil tax receipts continued to outperform oil revenues, recording N10.64tn compared to N7.37tn in the same period last year. This represents a 44.2 per cent increase, signalling improved tax collection, broadening of the tax base, and enforcement of compliance strategies.
“This increase once again underscores the effectiveness of revenue diversification initiatives, strengthened tax compliance measures, and enhanced enforcement strategies implemented by the Service,” the report said.
GIK/APA