Abuja: Fresh off a record-breaking haul of ₦28.3 trillion in 2025, the Nigeria Revenue Service (NRS), formerly FIRS, is raising the bar yet again, unveiling an audacious ₦40.71 trillion revenue target for 2026 — a bold stride that signals confidence in Nigeria’s fiscal future.
This was disclosed on behalf of the NRS Executive Chairman, Zacch Adedeji, by the Executive Director of the Government and Large Taxpayers Group, Ms Amina Ado.
According to a statement by Dare Adekanmbi, Special Adviser (Media) to the NRS chairman, Ado spoke at the opening of a two-day management retreat with the theme “Designed to Adapt, Built to Deliver” in Abuja on Tuesday.
She also revealed that the revenue collection target for the revenue administration agency for 2026 has been set at N40.71 trillion, 44 per cent higher than the 2025 target.
The executive director, while giving a breakdown of the 2025 collection figures, said non-oil taxes accounted for N21.4 trillion, against a projected N18 trillion.
Oil tax collection totalled N6.8 trillion, reaching 95 per cent of the N7.2 trillion target.
Both oil and non-oil tax revenues grew year-on-year by 19 per cent and 35 per cent.
For 2025, oil tax revenue totalled N6.6 trillion, up 19 per cent from N5.8 trillion in 2024.
Non-oil tax revenue reached N21.5 trillion in 2025, a 35 per cent increase from N15.9 trillion in 2024.
She credited administrative improvements, expanded withholding, digitalisation, better tax compliance, and stronger enforcement for the growth.
She said the 44 per cent increase in the agency’s target was based on NRS’s expanded mandate as a revenue system integrator for the country.
Ado explained that NRS now collects royalties previously handled by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Speaking earlier, the NRS chairman charged the agency’s management and staff to do away with old beliefs.
Adedeji said Nigeria’s revenue credibility and economic confidence depend on the agency.
“If we walk into the future with rigid beliefs, we will build walls where bridges are required.
He noted that leading with honesty, courage, and openness will help build an institution worthy of the current challenges.
“The Nigeria Revenue Service will not be defined by what we say in this room. It will be defined by who we become after we leave it, he said.
Mr Wale Edun, joining virtually, urged Nigerians to rely on made-in-Nigeria products to reduce revenue losses.
“We talk about buying from West Africa or trading with Africa as a whole, but intra-Nigerian trade is critical.
Spending in Nigeria boosts the economy and supports NRS revenue targets.
“The debt service that was paid by the developing countries in 2024 was 163 billion dollars, while the overseas development assistance that came in was $42 billion.
“The foreign direct investment and the private sector funding that came in from abroad to developing countries were just $97 billion,” Edun said.
According to him, what developing countries are giving out exceeds what they are getting across the various categories.
“Clearly, it is what we do for ourselves internally that is going to be important at this time,” he said.
The minister reiterated the government’s commitment to delivering on fiscal reforms and revenue mobilisation.
He commended the management and staff of NRS for their pivotal and indispensable role in domestic revenue mobilisation.
Also speaking, the Chairman of the National Tax Policy Implementation Committee, Joseph Tegbe, stressed the need for clinical delivery and execution of the tax laws.
He said execution quality would decide if the reform succeeds or just joins the list of unsuccessful initiatives.
He stated dependence on volatile oil revenues exposes the country to unpredictable shocks.
Rising public spending needs steady, reliable domestic revenue.
“History will judge this reform not simply by the revenues it generates, but by the trust it rebuilds between the Nigerian state and its citizens.
“It is essential that we are clear about the role of the Nigeria Revenue Service. NRS is not just another agency; it is the nation’s revenue system integrator,” he said.
