The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has disclosed that Nigeria’s federation accounts recorded total gross accruals of N56.42 trillion over the past three years, reflecting the impact of ongoing fiscal reforms and improved revenue management.
Chairman of the commission, Dr Mohammed Shehu, made the disclosure at a two-day National Stakeholders’ Discourse on Enhancing Fiscal Efficiency and Revenue Growth under the Nigeria Tax Act, 2025, held in Abuja.
According to Dr Shehu, gross accruals into the federation account stood at N11.93 trillion in 2023 and rose significantly to N21.43 trillion in 2024. He added that accruals for the first 10 months of 2025, from January to October, amounted to N23.06 trillion, surpassing previous full-year records.
He attributed the sustained growth in inflows to wide-ranging fiscal reforms, improved tracking and coordination among revenue-generating agencies, stronger audit processes, digital monitoring systems and other structural measures.
“These measures have strengthened fiscal discipline and expanded the revenue pool available for allocation to federal, state and local governments,” Dr Shehu said.
He noted that the improved performance marks a shift towards a more resilient, diversified and sustainable public finance system, with reduced reliance on oil earnings as the primary source of government revenue.
Dr Shehu further explained that Nigeria’s economy had, over the years, been vulnerable to boom-and-bust cycles driven by volatile oil prices, resulting in unpredictable revenue streams that undermined long-term planning and fiscal stability.
He added that the challenge had been worsened by high debt service obligations, which consume a large share of government revenue, limiting public investment and posing risks to fiscal sustainability across all tiers of government.
