Nigeria's Economy Shows Strong Recovery, Says NRS Chairman

Zacch Adedeji, the Chairman of the Nigeria Revenue Service (NRS), stated that Nigeria's economy has transitioned from economic distress to a phase of strong recovery and accelerated growth, attributing this to President Bola Tinubu's economic management. He presented three key indicators of this recovery.

First, ten blue-chip companies, including MTN Nigeria and Dangote Cement, reported a revenue increase from N10.42 trillion in the first half of 2025 to N14.4 trillion in the first half of 2026, with MTN leading at N2.99 trillion. Second, the balance of payments improved from a deficit of $3.34 billion to a surplus of $2.38 billion, coinciding with a rise in foreign exchange reserves from $33 billion to $52 billion.

Lastly, tax revenue surged from N12.3 trillion in 2023 to N27 trillion in the first seven months of 2026, potentially reaching N50 trillion by year-end, allowing the Federal Government to fund 70% of its budget through tax revenue.