By Christiana Ekpa
The Executive Chairman of the National Revenue Service (NRS), Zacch Adedeji, has announced that the agency is targeting a total revenue of N40.7 trillion in 2026, covering taxes, royalties, and other mineral revenues under ongoing tax reforms.
Adedeji disclosed this during a joint session with the economic team of President Bola Tinubu including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Minister of Budget and National Planning, Atiku Bagudu who appeared before the House Committee on Appropriation to review the performance of the 2025 budget and present projections for 2026.
He explained that following reforms transferring petroleum royalties and other revenue streams to the NRS, the agency recorded significant progress in 2025. The revenue target for 2025 was N25.2 trillion an increase of N3.5 trillion compared to actual collections in 2024.
According to him, the service exceeded expectations, collecting N28.23 trillion in 2025 — surpassing its target by N3 trillion, representing a 12 percent performance above projection.
He attributed the strong performance largely to non-oil taxes, which generated N21.46 trillion and exceeded their target by N3.4 trillion. However, oil-related taxes fell short of expectations by 5.2 percent.
Comparing 2025 with 2024, Adedeji said the service recorded an additional N6.5 trillion in revenue a 30.3 percent increase driven primarily by improved non-oil tax performance.
For 2026, he projected revenue of n32.14 trillion based on higher oil production forecasts rising from 1.7 million barrels per day in 2025 to 1.8 million barrels per day in 2026. He noted that the projected figure is N3.85 trillion higher than actual collections in 2025.
Addressing concerns raised by lawmakers over zero capital performance in the 2025 budget, Minister Wale Edun explained that previous administrations relied heavily on Ways and Means financing and subsidy under-recovery arrangements practices he described as unsustainable.
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