The Executive Chairman of the National Revenue Service, Mr Zach Adedeji, has said Nigeria’s 2026 tax reforms have positioned the service to generate N40.7 trillion in taxes and royalties.
Adedeji disclosed this on Wednesday in Abuja while speaking at a roundtable organised by the House of Representatives Committee on Appropriations for key stakeholders in the financial sector.
According to him, the projected revenue reflects the impact of recent reforms that transferred petroleum and solid mineral royalties, alongside other revenue streams, to the National Revenue Service.
“In light of the tax reforms transferring petroleum and mineral royalties and other revenues to the NRS, the total target is N40.7 trillion,” Adedeji said.
“We believe that with the support of the House, we will achieve what we have proposed.”
Strong 2025 Performance
The NRS chairman also highlighted the agency’s strong performance in 2025, noting that it exceeded its revenue target by a wide margin.
He said the service generated N28.23 trillion in 2025, surpassing its target of N25.2 trillion.
“Compared with 2024, we collected N6.5 trillion more in 2025, representing a 30.3 per cent increase, driven largely by non-oil taxes,” he stated.
Finance Minister Explains Reform Rationale
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said Nigeria had previously relied heavily on Ways and Means financing to cover large fiscal deficits.
He added that the Nigerian National Petroleum Company had been funding petrol subsidies through an under-recovery arrangement, which he described as unsustainable.
Edun said the government was compelled to address these structural distortions and replace them with market-based solutions, leading to the current wave of fiscal and tax reforms.
Lawmakers Seek Clarity on Revenue Projections
The Chairman of the House Committee on Appropriations, Rep. Abubakar Bichi (APC–Kano), said the roundtable was organised to allow lawmakers to engage directly with the presidential economic team on the 2026 Appropriation Bill.
“This is for us to study, consider and approve the request. We decided to engage the President’s team on 2025 performance and the 2026 proposal,” Bichi said.
He added that lawmakers also engaged the NRS leadership to gain clarity on the ambitious 2026 revenue projections.
“In 2025, we achieved about N28 trillion against a N25 trillion target. We need more information so Nigerians can understand what is going on,” he said.
