NRS Targets N40.7 Trillion Revenue by 2026

The Nigerian Revenue Service (NRS), led by Executive Chairman Zach Adedeji, has set an ambitious revenue target of N40.7 trillion for the year 2026. This announcement was made during a roundtable discussion in Abuja, organized by the House of Representatives Committee on Appropriations.

Adedeji noted that this target represents a significant increase from the N28.23 trillion collected in 2025, which exceeded the initial target of N25.2 trillion. The higher revenue goal is attributed to recent reforms in the transfer of petroleum revenue and mining royalties.

A tax reform bill introduced in the National Assembly aims to halt revenue collection from certain federal agencies, including the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Customs Service. The tax reform law, published in the government gazette, was signed into law on June 26, 2025, by President Bola Tinubu, laying the groundwork for a comprehensive overhaul of Nigeria's tax administration system.

The Federal Inland Revenue Service will follow the enactment of the Nigerian Revenue Service Establishment Act in 2025, which replaces the previous central revenue authority and expands its mandate.