Abuja: The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has announced that Nigeria’s Federation Account witnessed a significant growth of N23.06 trillion within the first ten months of 2025. The Chairman of the commission, Dr. Mohammed Shehu, made this disclosure during a two-day National Stakeholders’ Discourse on ‘Enhancing Fiscal Efficiency and Revenue Growth Under the Nigeria Tax Act, 2025’ held in Abuja.
According to News Agency of Nigeria, Dr. Shehu highlighted that the 2025 revenue performance surpassed the N11.93 trillion recorded in 2023 and N21.43 trillion in 2024. He attributed this growth to a series of fiscal reforms, enhanced coordination among revenue agencies, strengthened audits, and expanded digital tracking systems. The revenue increase has bolstered allocations to federal, state, and local governments, reducing the reliance on oil revenues.
Dr. Shehu emphasized the importance of digital revenue tracking and fiscal discipline in expanding the revenue base across both oil and non-oil sectors. He reiterated the commission’s dedication to monitoring accruals and ensuring transparency and accountability in safeguarding federation revenues. With the Tax Act set to take effect in January 2026, following extensive consultation by the Presidential Committee on Fiscal Policy and Tax Reform, the chairman noted that four tax reform laws were assented to in June to streamline administration and strengthen revenue governance.
The discourse aimed to deepen stakeholders’ understanding of the Act’s implementation, with a focus on engaging experts and clarifying public misconceptions. Dr. Dele Alake, the Minister of Solid Minerals Development, underscored the commission’s role in Nigeria’s peace and governance architecture. Represented by Mr. Peluola Olusegun, Alake stressed the need for collaboration among various sectors to assess fiscal implications and enhance efficiency.
Mr. Desmond Akawor, Chairman of the Fiscal Efficiency and Budget Committee of RMAFC, described the Tax Act as a major milestone in reforms, aiming to modernize tax administration and strengthen compliance frameworks. Prof. Taiwo Oyedele, Chairman of Nigeria’s Presidential Fiscal Policy and Tax Reforms Committee, highlighted the tax reforms as a means to create a fairer, simpler, and more efficient system that boosts economic growth and government revenue.