ABUJA — Revenue shared among Nigeria’s three tiers of government has increased by 530 per cent in three years, rising from about N700 billion monthly in 2023 to N4.5 trillion currently, Executive Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has disclosed.
Adedeji made the disclosure during an interview on Sunday Politics Today monitored by Vanguard, while defending the economic reforms of President Bola Tinubu amid concerns over the rising cost of living and economic hardship.
According to him, the sharp increase in revenue available to the Federal, state and local governments represents one of the major indicators of progress under the administration.
“When we came on board in 2023, the total allocation monthly was around N700 billion. Today, we are sharing N4.5 trillion. This is 530 per cent,” Adedeji said.
He argued that the increase had strengthened the finances of state governments and reduced their dependence on the Federal Government for support to meet basic obligations, including payment of workers’ salaries.
Adedeji, who previously served as a Commissioner for Finance, said state governments had in the past frequently approached the Federal Government for assistance to meet salary obligations.
“I was Commissioner of Finance 11 years ago. We come here and say we are looking for support to pay salary. How many times have you heard that happening in the last 30 years?” he asked.
He said stronger state finances would ultimately benefit citizens by enabling governments to pay salaries and provide public services more effectively.
NRS revenue rises to N27.3trn
The NRS chairman also disclosed that revenue collected by the agency had increased significantly since the Tinubu administration assumed office.
According to him, NRS revenue stood at about N12.3 trillion in May 2023 but had risen to N27.3 trillion.
He said the agency was targeting N40 trillion in revenue.
“Our target is N40 trillion now,” Adedeji said.
He attributed the increase to reforms in the revenue collection system and increased economic activity, saying higher revenue would provide additional resources for governments at all levels.
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