The Business NG - November 11, 2025

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Editorial Focus – BusinessNG

Nigeria’s fiscal numbers tell a story of imbalance—massive revenues and borrowings, yet minimal impact on the productive economy. Between mid-2023 and mid-2025, government receipts exceeded ₦50 trillion, while public debt ballooned to ₦152.4 trillion. Despite this, small and medium enterprises—the backbone of national growth—remain trapped in a web of multiple taxes, poor infrastructure, and rising costs.

The Federal Inland Revenue Service and allied agencies have intensified revenue drives, taxing everything from electricity to digital transactions. However, these collections have not translated into tangible improvements in power supply, logistics, or access to affordable credit. Instead, they’ve squeezed entrepreneurs and weakened competitiveness.

Nigeria’s fiscal policy must now evolve from revenue obsession to economic impact. It’s not enough to collect; government must channel earnings into enabling the private sector to thrive. Real growth lies not in numbers on a balance sheet but in the resilience of the businesses that power the economy.

BusinessNG believes fiscal justice for SMEs is the missing link between revenue success and real-sector prosperity.