FG outlines measures to achieve NRS’s N40.71trn 2026 revenue target
The federal government has vowed to strengthen the domestic economy and prioritise locally made products with a view to boosting revenue. Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, spoke as the Nigeria Revenue Service (NRS), formerly the Federal Inland Revenue Service (FIRS), was given a revenue target of N40.71 trillion […]
The federal government has vowed to strengthen the domestic economy and prioritise locally made products with a view to boosting revenue.
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, spoke as the Nigeria Revenue Service (NRS), formerly the Federal Inland Revenue Service (FIRS), was given a revenue target of N40.71 trillion for 2026 after exceeding its 2025 collection goal by posting a record N28.3 trillion.
The figure surpassed the agency’s 2025 target of N25.2 trillion by 12 per cent, marking the highest revenue performance in its history.
The disclosure was made on behalf of the Executive Chairman of NRS, Zacch Adedeji, by the Executive Director, Government and Large Taxpayers Group, Ms Amina Ado Kurawa, during the opening of a two-day management retreat themed: “Designed to Adapt, Built to Deliver” at the Transcorp Hilton Hotel, Abuja.
But the Minister who joined the event virtually, emphasised the importance of strengthening domestic economic activity and patronising locally made products to boost revenue generation.
He noted that developing countries continue to face net capital outflows, citing figures showing that debt service payments in 2024 exceeded foreign aid and investment inflows.
“Clearly, it is what we do for ourselves internally that is going to be important at this time,” Edun said, while commending NRS staff for their pivotal role in revenue mobilisation and fiscal reforms.
According to a statement signed by the NRS Chairman’s Special Adviser on Media, Dare Adekanmbi, the 2026 target represents a 44 per cent increase over the previous year, reflecting the agency’s expanded responsibilities and renewed confidence in its capacity to drive domestic revenue mobilisation.
Providing a breakdown of the 2025 performance, Kurawa said non-oil taxes accounted for N21.4 trillion, significantly exceeding the projected N18 trillion, while oil tax revenue stood at N6.8 trillion, achieving 95 per cent of the N7.2 trillion target.
She added that oil tax revenue grew by 19 per cent year-on-year, rising from N5.8 trillion in 2024 to N6.6 trillion in 2025, while non-oil tax collections climbed 35 per cent from N15.9 trillion to N21.5 trillion.
The growth, she noted, was driven by improved tax administration, expansion of the withholding tax system, digitalisation of processes, enhanced compliance measures, and stronger enforcement strategies.
The agency said the higher 2026 target is partly due to its expanded mandate as Nigeria’s “revenue system integrator,” which now includes the collection of royalties previously handled by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Addressing staff at the retreat, Adedeji urged the workforce to abandon outdated mindsets and embrace innovation, stressing that the credibility of Nigeria’s revenue system depends on the agency’s performance.
“If we walk into the future with rigid beliefs, we will build walls where bridges are required. But if we lead with honesty, courage and an open mind, we will build an institution worthy of this moment,” he said.
Referencing a Harvard Business Review article on leadership, he warned that hidden assumptions and entrenched beliefs often hinder institutional progress more than lack of expertise or strategy.
“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 added.
Also speaking, Chairman of the National Tax Policy Implementation Committee, Joseph Tegbe, stressed that the success of the new tax reforms would depend on effective execution.
According to him, Nigeria’s reliance on volatile oil revenues leaves the economy vulnerable to shocks, making stable and predictable domestic revenue critical.