The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has revealed that between 2023 and October 2025, total gross inflows into the Federation Account were N66.42 trillion.
The Chairman of RMAFC, Dr Mohammed Bello Shehu, disclosed this on Monday in his remarks at the opening of a two-day national stakeholders’ discourse on enhancing fiscal efficiency and revenue growth under the tax reform, organised by the Commission.
He said the steady rise in revenue inflows to the account reflects the positive changes resulting from the economic reform programmes of the current administration.
He said a breakdown of the figure shows that in 2023, the Federation Account received a gross revenue of N11,930,865,030,521.50, while in 2024, the figure increased significantly to N21,432,592,362,620.70.
“On the other hand, the 10 months’ accruals into the Federation Account from January to October 2025 were N23,058,248,707,725.50.
“The continued growth in the inflows is due to fiscal reforms, tracking and coordination among revenue agencies, stronger audits, and digital tracking,” he said.
He said the measures strengthened fiscal discipline and expanded the revenue pool for allocation to federal, state and local governments. He noted that the shift marked progress towards a more resilient, diversified and sustainable public finance system with less dependence on oil earnings.
The RMAFC boss said some of the recent changes have made the overall economic situation better, even though many citizens have yet to feel the positive impacts.
“The inflation rate has consecutively dropped in the last five months. The exchange rate (Naira/USD) equally remains stable in the same period – July (N1,534); August (N1,528), September (N1,465) and October (N1,428).” He said the GDP has also continued to grow, particularly from the services sector, making up more than half of the total GDP.
“Oil still represents over 90 per cent of export earnings and a large part of government revenue, yet it contributes less than 10 per cent to the overall GDP, showing that the economy is moving away from relying solely on oil production,” he said.
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, who advised Nigerians to accept the new tax laws as it is in their interest, noted that it is a false narrative that Nigerians are going to pay more tax when the new tax system takes effect in January.
He also revealed that about 85 per cent of Nigeria’s resources are assigned to states and local governments. Oyedele said out of the eight revenue sources, five, including personal income tax, property tax, stamp duty, value added tax and land, belong 100 per cent to states and local governments, while the remaining three, corporate income tax, customs duty and petroleum and solid minerals revenues are shared by the three tiers of government.
He said that fiscal federalism should focus on optimising all revenue sources rather than reallocation or new taxes. He said there is a need to address the problem of multiple taxation in the country, noting that the power to regulate or control does not mean the power to tax.
He also called for budgetary reforms, accountability and transparency. According to him, “Responsibilities and revenue should march. There should be equitable sharing of revenue among all tiers of government and between states and local governments.”
