NRS Hits ₦28.3 Trillion Tax Revenue, Targets ₦40.7 Trillion

The Nigeria Revenue Service (NRS) celebrated a record tax revenue collection of ₦28.3 trillion for the year 2025, exceeding its target of ₦25.2 trillion. Dr. Zacch Adedeji, the Executive Chairman of NRS, announced an ambitious target of ₦40.7 trillion for 2026, representing a 44% increase from the previous year.

This achievement is attributed to reforms consolidating petroleum and mining royalties and streamlining processes previously handled by 60 federal agencies, including the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Customs Service. The reforms aim to reduce reliance on unsustainable financing arrangements and expand the tax base, particularly in the non-oil sector.

Mr. Wale Edun, the Finance Minister, emphasized the importance of these reforms in building trust and enhancing compliance. Rep. Abubakar Bichi assured that legislative oversight would ensure credible and transparent revenue collection.

The NRS aims to strengthen public trust and drive national development through improved compliance and efficient tax administration.