NRS Justifies N40.7 Trillion Revenue Target for 2026

On Wednesday, Zach Adedeji, the Executive Chairman of the National Revenue Service, defended the proposed N40.7 trillion revenue target for the 2026 budget during a session with the House of Representatives Committee on Appropriations. This target is based on anticipated benefits from tax reforms.

The economic team, which included Finance Minister Wale Edun and Minister of Budget and National Planning, also discussed the 2025 revenue target of N25.2 trillion, which represents an increase of N3.5 trillion compared to the actual revenue collected in 2024. The service aims to achieve a collection of N28.23 trillion in 2025, reflecting a 30.3 percent increase driven significantly by non-oil tax revenues.

Abubakar Bichi, Chairman of the House Committee on Appropriations, emphasized the need for interaction with the economic team regarding the 2026 appropriation bill and previous performance metrics.