The Nigeria Revenue Service (NRS) has set a revenue target of ₦40.71 trillion for 2026 after generating ₦28.3 trillion in 2025. The new projection reflects an ambitious push to strengthen domestic revenue mobilisation amid tightening global financial conditions and declining foreign funding.
The Executive Chairman of the NRS disclosed the figures in Abuja, outlining the agency’s performance and future plans. He said the ₦28.3 trillion collected in 2025 marked a significant achievement, but stressed that greater efforts would be required to meet the 2026 goal.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said boosting intra-Nigerian trade would be critical to expanding the country’s revenue base. He noted that with reductions in foreign aid and external financing, Nigeria must increasingly rely on internally generated resources.
Edun emphasized that strengthening domestic commerce and improving tax compliance would enhance fiscal stability. He said the government’s strategy is focused on broadening the tax net while supporting economic growth.
According to him, trade within Nigeria presents untapped opportunities for revenue generation. By removing bottlenecks and improving the ease of doing business across states, the government aims to stimulate economic activity that can translate into higher tax receipts.
The 2026 revenue target of ₦40.71 trillion represents a substantial increase from the previous year’s collections. Officials acknowledged that meeting the target will require effective implementation of new tax laws and improved administrative efficiency.
NRS Executive Chairman Zacch Adedeji expressed optimism that recently enacted tax reforms would strengthen revenue performance. He said the reforms are designed to simplify compliance, close loopholes, and ensure fairness in the system.
Adedeji maintained that technology-driven solutions would play a central role in achieving the 2026 objective. He pointed to ongoing digitalisation efforts aimed at enhancing transparency, reducing leakages, and improving data management.
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele Tegbe, also expressed confidence in the new tax framework. He said the reforms would encourage voluntary compliance and create a more predictable fiscal environment.
Tegbe noted that clarity and consistency in tax administration are essential for building trust among taxpayers. He added that a stable policy environment would attract investment and support sustainable economic expansion.
The officials highlighted the importance of collaboration between federal and state authorities in revenue collection. They said harmonisation of tax policies and reduction of multiple taxation would help foster a more business-friendly climate.
The push for higher domestic revenue comes as Nigeria grapples with fiscal pressures, including debt servicing obligations and increased social spending needs. With external funding sources becoming less reliable, authorities are seeking to reduce vulnerability to global shocks.
Edun reiterated that prudent fiscal management remains a priority. He said improved revenue performance would enable greater investment in infrastructure, healthcare, education, and social protection programmes.
The NRS leadership acknowledged that achieving the ₦40.71 trillion target will require stronger enforcement measures against tax evasion. However, they stressed that enforcement would be balanced with taxpayer education and support.
Stakeholders at the event underscored the need to expand the tax base rather than overburden existing taxpayers. Broadening participation in the formal economy was identified as a key step toward sustainable revenue growth.
The 2025 collection of ₦28.3 trillion was described as evidence of improved administrative capacity and policy direction. Officials said lessons from the year would inform strategies for the more ambitious 2026 target.
As the government intensifies efforts to mobilise domestic resources, attention will focus on the effectiveness of the new tax laws and the ability of institutions to enforce compliance. The coming year will test whether the revenue service can translate reform measures into tangible gains and meet its ₦40.71 trillion goal.
