The Nigeria Revenue Service (NRS), formerly the Federal Inland Revenue Service (FIRS), has announced an ambitious revenue collection target of ₦40.71 trillion for the 2026 fiscal year, following a historic performance in 2025.
The agency surpassed its 2025 revenue projection by a wide margin, collecting ₦28.3 trillion against a target of ₦25.2 trillion. The disclosure was made on behalf of the NRS Executive Chairman, Zacch Adedeji, by the Executive Director in charge of the Government and Large Taxpayers Group, Ms Amina Ado.
A statement issued by the chairman’s media adviser, Dare Adekanmbi, said Ado spoke during the opening session of a two-day management retreat in Abuja themed “Designed to Adapt, Built to Deliver.”
According to her, the ₦40.71 trillion target for 2026 represents a 44 per cent increase over the 2025 benchmark and reflects the agency’s expanded mandate as Nigeria’s central revenue system integrator.
Breaking down the 2025 performance, Ado explained that non-oil tax revenues accounted for ₦21.4 trillion, exceeding the ₦18 trillion projection. Oil-related taxes contributed ₦6.8 trillion, representing about 95 per cent of the ₦7.2 trillion target set for the sector.
She noted that both revenue streams recorded strong year-on-year growth, with oil taxes rising by 19 per cent and non-oil taxes expanding by 35 per cent.
“For 2025, oil tax revenue stood at ₦6.6 trillion, up from ₦5.8 trillion in 2024,” she said. “Non-oil tax revenue rose sharply to ₦21.5 trillion from ₦15.9 trillion in the previous year.”
Ado attributed the growth to targeted administrative reforms, expansion of the withholding tax framework, increased digitalisation, stronger compliance measures, and more effective enforcement strategies implemented by the agency.
She added that the higher revenue target for 2026 also reflects the NRS’s new responsibility for collecting royalties previously handled by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), among other functions.
In his address, NRS Chairman Zacch Adedeji urged staff to abandon rigid institutional thinking, stressing that the credibility of Nigeria’s revenue framework rests heavily on their actions.
“If we cling to old beliefs, we will erect barriers where bridges are needed,” he said, adding that the agency’s legacy would be determined by its post-retreat execution.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who joined the event virtually, emphasized the importance of domestic consumption, urging Nigerians to prioritise locally made products as a means of boosting revenue.
He highlighted the imbalance between capital outflows and inflows in developing economies, noting that debt servicing obligations far outweigh foreign assistance and investment inflows.
“What countries give out is more than what they receive,” Edun said, stressing that internal economic activity remains the most reliable driver of sustainable growth.
Also speaking, Joseph Tegbe, Chairman of the National Tax Policy Implementation Committee, underscored the importance of disciplined execution of tax reforms, warning that poor implementation could undermine otherwise well-intentioned policies.
He cautioned that Nigeria’s continued reliance on volatile oil revenues leaves the economy vulnerable, noting that sustainable development requires predictable and stable domestic revenue sources.
, formerly the Federal Inland Revenue Service (FIRS), has announced an ambitious revenue collection target of ₦40.71 trillion for the 2026 fiscal year, following a historic performance in 2025.){kind=link}