NRS Targets N40.7 Trillion Revenue by 2026

The Nigerian Revenue Service (NRS), under the leadership of Executive Chairman Zacch Adedeji, has announced a revenue roadmap aiming for N40.7 trillion by 2026. This target is supported by anticipated tax reforms and increased revenues from petroleum and mining royalties.

Adedeji disclosed these plans on Wednesday during a session with members of the Presidential Economic Team, including Finance Minister Wale Edun and Budget and Economic Planning Minister Atiku Bagudu, as they examined the performance of the 2025 budget. The NRS reported a strong revenue growth in 2025, surpassing its target of N25.2 trillion by achieving N28.23 trillion, which is N3 trillion above projections.

This growth was largely attributed to non-oil tax revenues, which outperformed expectations at N21.46 trillion. The agency expects further growth in 2026, projecting revenues of N32.14 trillion, influenced by improved oil production forecasts.

However, lawmakers raised concerns regarding the zero capital performance of the 2025 budget, prompting discussions on fiscal reforms and expenditure allocations for the upcoming fiscal year.