Nigeria Revenue Service Records Historic N28.3trn in 2025, Sets N40.7trn Target for 2026
The Nigeria Revenue Service (NRS) has announced a record-breaking revenue collection of N28.3 trillion for the 2025 fiscal year, surpassing its N25.2 trillion target by 12 per cent in what officials described as a major milestone in the country’s fiscal reform agenda.
The disclosure was made on Wednesday at the opening of a two-day NRS management retreat in Abuja, where top officials reviewed performance outcomes and outlined strategic priorities for 2026.
Speaking at the event, Amina Ado Kurawa, Executive Director of the Government and Large Taxpayers Group, said the performance reflected strong growth across both oil and non-oil tax segments.
According to her, non-oil revenues accounted for the bulk of the collections, generating N21.4 trillion, well above the projected N18 trillion target for the year.
Oil-related taxes contributed N6.8 trillion, representing 95 per cent of the N7.2 trillion projections, with year-on-year growth of 19 per cent in the oil segment and 35 per cent in non-oil revenues.
Kurawa attributed the strong performance to sweeping administrative reforms, digitalisation initiatives, improved tax compliance measures, and strengthened enforcement mechanisms.
In a statement signed by Dare Adekanmbi, Special Adviser (Media) to the NRS Chairman, the agency also announced an ambitious revenue target of N40.71 trillion for 2026.
The new target represents a 44 per cent increase over the 2025 benchmark and reflects the agency’s expanded mandate as a national revenue integrator.
Part of the expanded responsibility includes the collection of royalties previously handled by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Addressing staff at the retreat, the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, urged personnel to abandon outdated practices and embrace innovation to sustain growth.
Adedeji emphasised that investor confidence and the credibility of Nigeria’s revenue system depend largely on transparency, efficiency, and forward-thinking leadership within the agency.
“If we walk into the future with rigid beliefs, we will build walls where bridges are needed. Leadership requires honesty, courage, and openness,” he said, referencing insights from the Harvard Business Review.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who joined the retreat virtually, called on Nigerians to support locally made goods as part of efforts to reduce revenue leakages and strengthen domestic resource mobilisation.
He highlighted the imbalance between domestic economic participation and foreign aid inflows, stressing that increased internal spending and compliance are essential to achieving sustainable revenue growth.
Also speaking, Joseph Tegbe, Chairman of the National Tax Policy Implementation Committee, said the success of ongoing tax reforms would depend heavily on effective implementation and strict adherence by all stakeholders.
Observers say the NRS’ record 2025 performance and aggressive 2026 projection signal a renewed government commitment to strengthening domestic revenue mobilisation, reducing reliance on foreign borrowing, and providing sustainable funding for national development priorities.