NRS has set N40.71trn revenue target for 2026 after beating 2025 goal with N28.3trn.
NewsOnline Nigeria reports that the Nigeria Revenue Service (NRS), formerly known as the Federal Inland Revenue Service (FIRS), has set an ambitious revenue target of N40.71 trillion for 2026 after surpassing its 2025 target by a wide margin.
The agency exceeded its 2025 revenue projection of N25.2 trillion by generating N28.3 trillion, representing a 12 per cent increase above the target.
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The disclosure was made on behalf of the Executive Chairman of NRS, Mr Zacch Adedeji, by the Executive Director, Government and Large Taxpayers Group, Ms Amina Ado Kurawa, at the opening of a two-day management retreat themed “Designed to Adapt, Built to Deliver,” held on Tuesday at the Transcorp Hilton Hotel, Abuja.
According to a statement signed by the chairman’s Special Adviser on Media, Dare Adekanmbi, the N40.71 trillion revenue target for 2026 represents a 44 per cent increase over the 2025 benchmark.
Revenue performance breakdown
Ms Ado explained that non-oil taxes accounted for N21.4 trillion of the 2025 revenue, exceeding the projected N18 trillion. Oil tax revenue stood at N6.8 trillion, representing 95 per cent of the N7.2 trillion target for the sector.
She added that oil tax revenue grew by 19 per cent year-on-year, rising from N5.8 trillion in 2024 to N6.6 trillion in 2025, while non-oil tax revenue jumped by 35 per cent, increasing from N15.9 trillion in 2024 to N21.5 trillion in 2025.
According to her, the growth was driven by administrative improvements, expansion of the withholding tax system, digitalisation, enhanced compliance initiatives and stronger enforcement strategies introduced by the NRS.
Expanded mandate drives higher target
The statement noted that the 44 per cent increase in the 2026 target reflects the expanded mandate of the NRS as Nigeria’s revenue system integrator, including the responsibility for collecting royalties previously handled by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Speaking earlier at the retreat, Adedeji urged NRS staff to abandon rigid mindsets, stressing that the credibility of Nigeria’s revenue architecture and investor confidence depend on their performance.
“If we walk into the future with rigid beliefs, we will build walls where bridges are required. But if we lead with honesty, courage and an open mind, we will build an institution worthy of this moment,” he said.
FG reiterates faith in tax reforms
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who participated virtually, called on Nigerians to prioritise made-in-Nigeria goods to reduce revenue losses and strengthen domestic economic activity.
He stressed that domestic revenue mobilisation remains critical, especially as developing countries face rising debt servicing obligations that far exceed inflows from foreign aid, investment and private sector funding.
Also speaking, Chairman of the National Tax Policy Implementation Committee, Mr Joseph Tegbe, emphasised that effective execution of the new tax laws would determine the success of ongoing reforms.
He warned that continued dependence on volatile oil revenues exposes Nigeria to external shocks, adding that sustainable development requires stable and predictable domestic revenue.
Tegbe described the NRS as a critical institution, noting that its performance would not only be measured by revenue figures but also by the level of trust it rebuilds between the Nigerian state and its citizens.
