Small-scale tomato production under irrigation is a common practice in the Fogera area of the Amhara Region in Northwest Ethiopia. However, there were no location-specific economic optimum N and P fertilizer recommendations for tomato production in the area. Therefore, a field study was conducted in 2020 and 2021 to investigate the response of tomato to N and P fertilizer applications and determine the economic return of N and P fertilizers applications. Four levels of N (0, 46, 92, and 138 kg N ha<sup>-1</sup>) and three levels of P (0, 46, and 92 kg P<sub>2</sub>O<sub>5</sub> ha<sup>-1</sup>) were factorially combined and laid in a randomized complete block design with three replications. The results revealed that tomato yield and yield-related attributes were significantly (p<0.01) affected by the main effects of N. However, the main effect of P and its interaction with N did not considerably influence the yield and yield-related parameters. The highest marketable (39.3 t ha<sup>-1</sup>) and total fruit yields (46.2 t ha<sup>-1</sup>) of tomato were recorded from the application of 138 kg N ha<sup>-1</sup>. The highest net economic return of Ethiopian birr 185,538.50 with a marginal rate return of 1326.1% was recorded from the application of 138 kg N ha<sup>-1</sup>. Therefore, 138 kg ha<sup>-1</sup> N can be recommended to increase the yield and economic return of tomato production in Fogera area. However, as the yield response to N followed a linear response curve, further study with higher rates of N than those considered in the present study is recommended.