NRS Targets N40.7tn Revenue from 2026 Tax Reforms — Adedeji

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.

I left N129bn In FIRS Coffers – Nami

The immediate past Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, has insisted that he did not approve the sum of N11 billion after taking his pre-retirement leave as has been alleged by the Cable Newspaper. In a statement he personally signed, Nami said that the entire story was sensationally written with mischief that took the ordinary events of his work out of context with the intent to tarnish his hard-earned reputation.   The immediate past FIRS boss stressed that after his exit as FIRS Executive Chairman, he did not make any approvals as has been claimed by the newspaper.  Nami insisted that he met only N1.4 billion in the purse of the FIRS when he assumed office and left the sum of N129 billion in the purse of the Service when he handed over to the new Chairman, Zacch Adedeji recently. “Fundamentally, it is important to note that no payment was made by the Service after the announcement of my pre-retirement leave as claimed by this story. An approval for payment in the Service is one step of a journey to payment. It is the custom that when a new Executive Chairman resumes office, he would review, validate and make final authorisation before any payments can be made.  “It is important to note for the record that all decisions reached and extant liabilities/ commitments of the Service during my stay in office are contained in the handover notes I made available to my successor, Mr. Zacch Adedeji. He is fully briefed on everything. For clarity, the items listed in the Cable Newspaper Report were part of the N16 billion outstanding commitments contained in our handover note.  “The N5 billion paid to the Joint Tax Board was paid to fund the activities of the Presidential Committee on Tax and Fiscal Policy Reforms two months before I left office. It was paid after we received a letter to that effect from the office of Mr. President signed by Zacch Adedeji himself.  “The report maliciously attempts to portray a picture that I hurriedly left the country on September 16th after these so-called “suspicious approvals” were made. Again, nothing can be further from the truth. If I traveled out of the country on the 16th of September, how then did I attend the handover ceremony with Mr. Zacch on the afternoon of Monday 18th September 2023? That handover ceremony was covered by the media, and can be cross-checked.  “It is disappointing to see the Cable, a revered online newspaper attempt to sensationalise events that took place in the ordinary course of work in office, making them seem as if they were done in bad faith.  “I want to categorically state that every decision I made within the time of my stay in office was within the ambit of the law and within the lawful powers I exercised then as Executive Chairman,” he explained.