NRS sets N40.71trn revenue target for 2026

The Nigeria Revenue Service (NRS) has set a record revenue target of N40.71 trillion for 2026, representing a 44 per cent increase over its 2025 target of N25.2 trillion, following a strong performance last year.

At a two-day management retreat in Abuja themed “Designed to Adapt, Built to Deliver,” NRS Executive Director, Government and Large Taxpayers Group, Amina Ado Kurawa, disclosed that the agency collected N28.3 trillion in 2025, surpassing its target by 12 per cent.

Of the total revenue collected, N21.4 trillion came from non-oil taxes, exceeding the projected N18 trillion, while oil tax revenue amounted to N6.8 trillion, achieving 95 per cent of the N7.2 trillion target. Year-on-year growth stood at 35 per cent for non-oil taxes and 19 per cent for oil taxes, driven by administrative improvements, digitalisation, enhanced tax compliance, and stronger enforcement.

NRS Executive Chairman Zacch Adedeji encouraged staff to adopt a forward-looking approach, warning against rigid mindsets that could hinder institutional progress. “If we lead with honesty, courage, and an open mind, we will build an institution worthy of this moment,” he said.

The ambitious 2026 target reflects NRS’s expanded mandate as the nation’s revenue system integrator, including the collection of royalties previously managed by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Finance Minister and Coordinating Minister of the Economy, Wale Edun, who joined the event virtually, urged Nigerians to support domestic products to boost revenue internally, highlighting the limited flow of foreign funds compared to global debt obligations.

Similarly, Joseph Tegbe, Chairman of the National Tax Policy Implementation Committee, stressed that the success of tax reforms depends on precise execution. “The country’s continued dependence on volatile oil revenues exposes it to shocks beyond control, while rising public expenditure demands stable, predictable, and sustainable domestic revenue,” he said.

The NRS retreat underscores the agency’s pivotal role in strengthening Nigeria’s fiscal architecture and rebuilding trust between the government and citizens while driving sustainable revenue growth.