ABUJA: The Nigeria Revenue Service (NRS) has set an ambitious revenue target of N40.71 trillion for 2026, following a record-breaking collection of N28.3 trillion in 2025.
The agency, formerly known as the Federal Inland Revenue Service (FIRS), exceeded its 2025 target of N25.2 trillion, marking its strongest revenue performance to date.
The figures were disclosed on Tuesday by the Executive Director, Government and Large Taxpayers Group, Ms Amina Ado, on behalf of the NRS Executive Chairman, Mr Zacch Adedeji, at the opening of a two-day management retreat in Abuja.
According to a statement by the chairman’s Special Adviser on Media, Mr Dare Adekanmbi, the retreat was themed “Designed to Adapt, Built to Deliver.”
Ado revealed that the 2026 revenue target represents a 44 per cent increase over the 2025 target, reflecting the agency’s expanded mandate.
Breaking down the 2025 performance, she said non-oil taxes contributed N21.4 trillion, surpassing the projected N18 trillion, while oil tax revenue stood at N6.8 trillion, representing 95 per cent of the N7.2 trillion target.
She noted that oil and non-oil tax revenues recorded year-on-year growth of 19 per cent and 35 per cent respectively.
“For 2025, oil tax revenue totalled N6.6 trillion, up from N5.8 trillion in 2024, while non-oil tax revenue rose sharply to N21.5 trillion from N15.9 trillion in the previous year,” Ado said.
She attributed the growth to improved tax administration, digitalisation, expansion of the withholding tax system, enhanced compliance initiatives and stronger enforcement strategies.
Ado explained that the higher 2026 target was driven by the NRS’s new role as Nigeria’s revenue system integrator, including the collection of royalties previously handled by the Nigerian Upstream Petroleum Regulatory Commission.
Earlier, Adedeji charged management and staff to abandon outdated thinking, stressing that the credibility of Nigeria’s revenue architecture rests with the agency.
“If we walk into the future with rigid beliefs, we will build walls where bridges are required,” he said, urging integrity, courage and openness in driving reform.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who joined the retreat virtually, urged Nigerians to prioritise made-in-Nigeria products to strengthen domestic revenue mobilisation.
He warned that developing countries now pay more in debt servicing than they receive in foreign aid and investment, stressing the need for stronger internal economic activity.
“What we do for ourselves internally will be critical at this time,” Edun said, reaffirming the government’s commitment to fiscal reforms.
Also speaking, Chairman of the National Tax Policy Implementation Committee, Mr Joseph Tegbe, underscored the importance of effective execution of tax laws, warning that poor implementation could derail the reforms.
He noted that Nigeria’s reliance on volatile oil revenues exposes the economy to external shocks and called for stable, predictable domestic revenue sources.
“NRS is not just another agency; it is the nation’s revenue system integrator,” Tegbe said, adding that the success of the reforms would be judged by the trust rebuilt between the state and its citizens.
