The Nigeria Revenue Service (NRS) has set an ambitious revenue collection target of N40.7 trillion for the 2026 fiscal year, following a record performance in 2025. The announcement was made during a management retreat in Abuja, where the service also revealed it collected N28.29 trillion last year.
The 2026 target represents a significant 44% increase over the 2025 figure. To achieve this, the NRS outlined a strategy focused on optimizing non-oil revenue streams, expanding taxpayer compliance, deepening process automation, and strengthening enforcement mechanisms. Officials emphasized that new tax laws and their rigorous implementation are central to this plan.
Dr. Zacch Adedeji, Chairman of the NRS, and Joseph Tegbe, Chairman of the National Tax Policy Implementation Committee, both highlighted the transformative potential of recent tax reforms. Amina Ado, Executive Director for Government and Large Taxpayers at the NRS, stated that the strong 2025 performance provides a solid foundation. She noted the service collected N28.23 trillion in 2025, a 30% increase from the N21.7 trillion collected in 2024, and exceeded its 2025 target by 112%.
Historical data presented at the retreat shows a consistent upward trajectory in revenue collection: from N6.4 trillion in 2021, it rose to N10.18 trillion in 2022, N12.34 trillion in 2023, N21.7 trillion in 2024, and N28.29 trillion in 2025.
This aggressive target underscores Nigeria’s intensified efforts to diversify government revenue away from volatile oil earnings. The success of the 2026 goal will hinge on the effective execution of compliance drives, technological upgrades in tax administration, and the sustained application of new legal frameworks. The move is critical for funding public expenditure and reducing fiscal deficits in Africa’s largest economy.
