NRS targets N40trn revenue, seeks tax compliance

The Nigeria Revenue Service (NRS) says it is targeting N40 trillion in tax revenue for the country in 2026.

The Executive Chairman of NRS, Dr Zacch Adedeji, said this during a national workshop on strengthening tax compliance under the new tax regime and collaborating with sub-nationals for enhanced revenue collection in Abuja on Tuesday, May 19, 2026.

Adedeji, who was represented by Mohammed Lawal, called for stronger collaboration among all tiers of government to improve tax compliance and revenue collection nationwide.

He said achieving the target requires intensive capacity building, improved transparency, and robust partnerships across federal, state, and local government institutions to address compliance bottlenecks.

Adedeji expressed concern over compliance imbalances among states and government-owned enterprises, describing the trend as harmful to institutional fairness.

To drive motivation, the NRS boss announced plans to reward the most tax-compliant states starting from the end of 2026.

Adedeji expressed confidence that the workshop would deliver practical roadmap for transparency, administrative excellence, and high performance nationwide.

He noted that the revenue generated by the NRS sustains the Federation Account Allocation Committee (FAAC) and funds critical national development projects.

Nigerian crude rises toward $120 amid US-Iran tensions

Adedeji emphasised that the ultimate goal of the NRS is to promote voluntary compliance instead of relying solely on enforcement measures.

The NRS boss commended President Bola Tinubu for introducing reforms that promote fairness, inclusiveness, and sustainability in Nigeria’s tax system.

He also praised the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, “for his unwavering support towards ongoing fiscal and tax reforms.”

The minister then affirmed that tax reforms remain central to Nigeria’s economic recovery and fiscal sustainability.

Oyedele, who was represented by his Chief of Staff, Tolu Adegbie, noted that the country is currently balancing major reforms, including the naira flotation, fuel subsidy removal and inflation control, alongside growing socio-economic challenges.

He said the new tax regime is part of broader structural reforms targeting stable, predictable, and equitable revenue generation to fund roads, healthcare, education, and national security.

The minister assured that the reforms would expand the tax net without increasing the tax burden on citizens.