NRS sets N40.7trn revenue target for 2026, says N28.3trn was collected in 2025

By Abubakar Yunusa

The Nigerian Revenue Service (NRS) has set a revenue target of N40.7 trillion for 2026.
This comes after the NRS reported “a strong performance” in 2025 when it generated N28.3 trillion — a 30.3 percent increase from the N21.7 trillion recorded in 2024.
The target and performance figures were announced on Tuesday at the NRS 2026 leadership retreat in Abuja.
Speaking at the event, Zacch Adedeji, chairman of the NRS, said the service is in a new era, marking a clear break from past practices that would require a different kind of leadership to meet rising expectations.
Adedeji urged participants to move away from hierarchy and rigid work culture, calling for openness, collaboration and self-examination among leaders.
“This transition will not be secured by the weight of our positions or the familiarity of our structures,” he said.
“What brought us here will not be sufficient for where we are going.”
The NRS chairman said institutional transformation would depend more on leadership mindset than on strategy documents, warning that unexamined beliefs often slow down reform efforts.
He said leaders must learn to empower others, focus on outcomes rather than control, and create space for innovation.
“The first step in this retreat is not strategy or technology,” Adedeji said.
“It is leadership self-examination.”
Providing details of the agency’s revenue performance, Amina Kurawa, executive director for government and large taxpayers at the NRS, said the service exceeded its targets in most quarters of 2025.
She said the NRS achieved 96.9 percent of its first-quarter (Q1) target, 129.7 percent in the second quarter (Q2), 131.9 percent in the third quarter (Q3), and 90.4 percent in the fourth quarter (4).
“Despite a dip in the fourth quarter, the year ended with a strong performance driven by improved compliance and voluntary filings,” Kurawa said.
According to her, total revenue for 2025 stood at N28.3 trillion, compared to N21.7 trillion in 2024.
Kurawa said non-oil revenue was a major driver of the improved performance, growing by 35 percent year-on-year.
She said non-oil tax revenue rose to N21.5 trillion in 2025, from N15.9 trillion in 2024.
The increase cut across major tax categories, including value-added tax (VAT), company income tax (CIT) and capital gains tax (CGT), which recorded a combined growth of 19 percent.
The executive director said oil tax revenue stood at N6.8 trillion, up from N5.8 trillion in 2024, representing a 19 percent increase.
Kurawa attributed the “improved” revenue performance to internal restructuring, policy reforms, and stricter enforcement.
She said the service clarified reporting lines, removed duplication of functions and aligned tax offices and audits under unified leadership.
According to the NRS official, automation and digitalisation also helped reduce human bottlenecks and improve monitoring across the system.
“The improved performance is a result of a disciplined approach and combined efforts across the service,” she said.
Kurawa said the NRS would continue to focus on improving compliance while reducing friction for taxpayers, with initiatives such as e-invoicing and an expanded withholding tax system expected to support revenue growth in 2026.