Nigeria TV Info 

411% Revenue Rise Won’t Stop FG Borrowing – FIRS

Abuja, September 24, 2025 – The Federal Inland Revenue Service (FIRS) has announced that despite a historic 411 percent increase in government revenue, the Federal Government will not halt its borrowing plans.

Executive Chairman of FIRS, Zacch Adedeji, said this on Wednesday during a media briefing at the Presidential Villa, Abuja. He explained that borrowing remains a key element of Nigeria’s fiscal framework and cannot be abandoned simply because revenue has improved.

According to him, government earnings rose from ₦711 billion in May 2023 to ₦3.64 trillion in September 2025, with non-oil revenue climbing from ₦151 billion to over ₦1.06 trillion. Value Added Tax collections tripled to ₦723 billion, while oil and customs revenues also recorded major growth.

Adedeji, however, maintained that borrowing is necessary to fund long-term projects, sustain the banking system, and ensure intergenerational fairness in infrastructure usage. He stressed that all loans are within budgetary limits approved by the National Assembly.

His comments come amid concerns over Nigeria’s rising public debt, which grew from ₦97.34 trillion in 2023 to ₦144.66 trillion in 2024, with debt servicing consuming a significant portion of national revenue.

Critics argue that the government’s continued dependence on borrowing, despite improved revenue, raises questions about fiscal discipline. Meanwhile, the presidency has defended its borrowing strategy, insisting loans will be tied to growth-driven projects.