“The Gross Statutory Revenue of N2.094 trillion received for the month was higher than the sum of N2.084 trillion received in the previous month by N10.023 billion.”
Above was from the Communique issued by the Federation Account Allocation Committee (FAAC) at the end of its June 2025 meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
In the last few months, that has been a consistent statement coming from FAAC meetings. Thanks to President Bola Ahmed Tinubu’s foresightedness in putting a square peg in the square hole of the Federal Inland Revenue Service (FIRS).
Since that square peg, Dr. Zaccheus Adedeji, took charge of the FIRS square hole as the Executive Chairman, revenue generation has been an up, up story.
In May, a total sum of N1. 681 trillion was shared to the three tiers of government as Federation Allocation for the month of April 2025 from a gross total revenue of N2.084 trillion.
The Gross Statutory Revenue of N2.084 trillion received for the month of April was higher than the sum of N1.718 trillion received in March by N365.595 billion.
Significantly, revenue from Value Added Tax (VAT) for the month of April 2025, was N642.265 billion as against N637.618 Billion in March. In other words, VAT revenue increased by N4.6 billion in April.
The gross statutory revenue of N2.094 trillion received for the month of May, was higher than the sum of N2.084 trillion received in the month of April by N10.023 billion.
Also in May, N742.820 billion was realised from VAT alone, N100.555 billion higher than April’s N642.265 billion.
In 2024, Dr Zacch Adedeji, and his team set N19.4 trillion as revenue target, a significant increase of 56.9 per cent from the 2023 revenue.
This target was not only met by the FIRS under Dr Zacch Adedeji, it was surpassed. N21.6 trillion was generated, exceeding the 2024 target by N2.2 trillion.
For 2025, an ambitious N25.2 trillion target was set, N3.6 trillion higher than the revenue generated in 2024, and from all indications, that target will not only be met, it will most probably be surpassed.
For the Nigeria’s “Zaccheus The Tax Collector,” realization of the 2025 revenue target of N25.2 trillion is being anchored on the strategic pillars of capacity building and training, infrastructure and facility enhancement, as well as technological advancement.
And the initiatives of Dr Zacch Adedeji, including the integration of new modules into the TaxProMax system, which has automated over 80 percent of previously manual processes and streamlined revenue collection and simplified obtaining tax clearances for contractors, are not being unnoticed.
Few weeks ago in London, United Kingdom, his outstanding performance and exemplary leadership, was recognized by the Commonwealth Association of Tax Administrators (CATA) during its 96th management committee meeting.
CATA, with its headquarters in London, has members drawn from 47 countries. It promotes efficient tax administration among member countries with special focus on developing economies.
It is on record that Dr. Zacch Adedeji, who recently completed his tenure as President of CATA, helped to steer critical tax reforms across member countries.
For this and many more, CATA’s executive director, Dr Esther Koisin and the chair, Mr Mahmad Noor, were full of praise for the FIRS boss, for his invaluable contributions and strategic insight in the administration of the body.
And at home, it has been accolades upon accolades for the country’s version of the Biblical Zaccheus, the Tax Collector.
~ Usman, a public affairs commentator, lives in Abuja.
