FIRS Chairman Defends Nigerian Govt's Borrowing Framework, Cites Revenue Growth

The Federal Inland Revenue Service (FIRS) chairman, Zacch Adedeji, defended the Nigerian government's borrowing framework, stating that debt is a legitimate component of every national budget. Adedeji highlighted the government's borrowing plan and revenue collection achievements, including a significant increase in federal revenue to trillions by September 2025.

He mentioned reforms in Personal Income Tax (PIT) and Company Income Tax (CIT) set to take effect in January. Adedeji credited these measures for stabilizing the economy, easing exchange rate pressures, and ensuring debt repayment.

He emphasized the necessity of borrowing as a common practice in sustainable national financial ecosystems, where government revenue, bank loans, and tax collections work together to maintain economic stability.