Nigeria's Tax Collections Hit N27.1 Trillion in 7 Months

The Nigerian Revenue Service (NRS) chairman, Dr. Zacch Adedeji, announced that tax collections reached N27.1 trillion within the first seven months of the year, with the tax-to-Gross Domestic Product (GDP) ratio increasing from 10.3% to 13%. He attributed this growth to the current administration's tax reforms, including the digitization of tax systems and the introduction of four new tax reform laws.

Dr. Adedeji noted that Nigeria is emerging from a challenging economic period, showing signs of recovery and accelerated growth. He reported that total tax collections are projected at N12.3 trillion for 2023, N21 trillion for 2024, and N28.3 trillion for 2025.

Additionally, Nigeria's debt-to-GDP ratio is declining, and external reserves have reached a 17-year high of $51.9 billion as of July 2026. The ongoing reforms, part of President Bola Tinubu's Renewed Hope Agenda, have improved the business climate and investor confidence, leading to a more stable macroeconomic environment.