Abuja: Mr Zach Adedeji, Executive Chairman of the National Revenue Service, announced that the 2026 tax reforms will enable the service to generate up to N40.7 trillion in taxes and royalties.
At the event, Adedeji explained the impact of these reforms, stating,
“With the new tax reforms transferring petroleum and mineral royalties and other revenues to the NRS, we’re setting our sights high. The total target is N40.7 trillion.
Can we achieve this ambitious goal? I believe so,” Adedeji remarked.
He added, “We believe that with the support of the House, we will achieve what we have proposed.”
Adedeji also recalled that the service exceeded its N25.2 trillion target for 2025, with actual revenue generation reaching N28.23 trillion.
He elaborated on the year-on-year growth, noting, “Compared with 2024, we collected N6.5 trillion more in 2025, representing a 30.3 per cent increase, driven largely by non-oil taxes.”
Building on these financial discussions, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, highlighted how Nigeria previously relied on Ways and Means financing to cover large fiscal deficits.
He further explained that the NNPC funded the petrol subsidy through an under-recovery arrangement, which he described as unsustainable.
Edun said there was a need to correct distortions and replace them with market-based solutions, which led to the reforms.
Turning to the legislative perspective, the Chairman of the House Committee on Appropriations, Rep.
Abubakar Bichi (APC–Kano), said the roundtable enabled interaction with the presidential team on the 2026 Appropriation Bill.
“This is for us to study, consider and approve the request. We decided to engage the President’s team on the 2025 performance and the 2026 proposal.
“We also engaged the NRS Chairman to clarify the 2026 revenue projections. In 2025, we achieved about N28 trillion, exceeding the N25 trillion target.
“We need more information so Nigerians can truly understand what is happening. Are we asking the right questions to achieve transparency and make meaningful progress?” he added.
