Nigeria Revenue Service Targets N40 Trillion by 2026

The Nigeria Revenue Service (NRS), under the leadership of Executive Chairman Dr. Zacch Adedeji, has set an ambitious target of generating N40 trillion in tax revenue by 2026. During a workshop held in Abuja, Adedeji stressed the importance of collaboration among federal, state, and local governments to improve tax compliance and revenue collection.

Mr. Moham Lawal, representing the chairman, called for stronger partnerships to address compliance bottlenecks and motivate tax compliance through a reward system for compliant states by the end of 2026. Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, noted that the country is undergoing significant reforms, including the removal of fuel subsidies and the floating of the naira.

These reforms aim to stabilize and equitably generate revenue without increasing the tax burden on citizens. The NRS plans to enhance tax compliance through technology adoption and improved transparency in tax administration.