By Danladi Ahmed
The Tinubu Media Support Group (TMSG) has described the over 400% growth in Nigeria’s monthly tax revenue in the last two years as a true reflection of the success of the reformist agenda of President Bola Tinubu.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, it said it was unimaginable that the national monthly tax returns could grow from N711 billion in May 2023 to N3.635 trillion by September 2025, by just improving efficiency in tax administration.
The statement read in full: “As at May 2023 when President Bola Tinubu assumed office, it was a fact that Nigeria’s tax agency then known as the Federal Inland Revenue Service (FIRS) had for two consecutive years exceeded its target.
“But the country’s tax-to-GDP ratio remained among the lowest in Sub-Saharan Africa, meaning that a lot still needed to be done at a time when the highest monthly collection was not more than N700 billion.
“Indeed, official records show that the tax revenue for May 2023 was N711 billion but by September 2025, it had hit N3.6 trillion in one single month and that was even four months before the new tax law introduced by the President Tinubu administration became operational in January 2026.
“Data from the Nigeria Revenue Service (NRS) indicate that total tax revenue progressively increased from N12.3 trillion in 2023 to N21.6 trillion in 2024 and N28.79 trillion in 2025, with the agency exceeding targets every year.
“This is, without doubt, a major feat achieved without the administration burdening Nigerians with new taxes.
“All it did since Dr Zacch Adedeji assumed office in September 2023 as head of the tax agency, was to identify and block more leakages, improve efficiency in revenue collection and bring more people into the tax net, and today the results are there for everyone to see.
“We are aware that the tax system has even expanded significantly, with over 19 million taxpayers now captured and about 814,000 new corporate taxpayers added.
“It is also worth noting that while there is an uptick in Value Added Tax (VAT) and Company Income Tax (CIT) collection, non-oil taxes are increasing exponentially under the present administration. In the last three years, the sector has cumulatively contributed over 70% of the tax returns.
“We dare say that this monumental increase in tax revenue in the last few years did not come by chance. It is the outcome of a deliberate approach to governance that has made the economy more resilient and attractive to investors.
“And contrary to suggestions that the government was out to tax the poor, it is obvious that no new taxes have been introduced. Rather, what we have seen are tax exemptions and reliefs for low-income earners and small businesses.
“So it is easy to affirm that the consistent increase in tax collection is a reflection of a productive economy. This is more so as individuals and companies can only pay taxes as due in a booming economy.
“And now that the new tax law has placed Nigeria’s revenue under one umbrella with petroleum revenues and mineral royalties transferred to the NRS, we are not surprised that the government has set an ambitious N40.7 trillion revenue target for 2026.
“This is significantly higher than the 2025 target of N25.2 trillion which it exceeded by N3.1 trillion and already there are indications that 2026 would be better.”
The group is convinced that the NRS leadership is up to the task of ensuring that the tax reforms continue to be people-centred and investment-friendly in line with President Tinubu’s vision of taxing prosperity.
Expressing confidence that federal tax receipts will continue to surge in the coming months, the TMSG urged Nigerians to continue to keep faith in the resilience of the federal administration in navigating the labyrinth of the unforeseeable future.
End.