Nigeria Revenue Service records N21.6trn revenue in 6 months

Nigeria Revenue Service (NRS) recorded N21.6 trillion revenue in the first six months of 2026,

The revenue represents a 49 per cent increase over the N28.3 trillion revenue generated in corresponding period in 2025.

This was reported by the Economic Snapshot Report 2023 vs 2026, a review of economic performance under President Bola Tinubu.

According to the report, the country has been recording successive increases in revenue generation since assumption of President Tinubu from N12.3 trillion in 2023 to N21 trillion in 2024 and N28.3 trillion in 2025.
It said that non-oil revenue accounted for 76 per cent of total collections.
The report said the rising revenue profile had hep to improve Nigeria’s tax-to-GDP ratio from 10.3 per cent to 13 per cent.

It attributed the rising revenue profile to the sweeping tax reforms, digitalisation of tax administration and changes to oil revenue remittances.

“The gains are attributable to: (i) The digitalisation of the tax systems, such as the national e-invoicing system rolled out to large taxpayers.

(ii) Four new tax reform laws — the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service Establishment Act, and the Joint Tax Board Establishment Act — effective January 1, 2026.

“(iii) The FIRS to NRS transformation, which folded in non-tax revenue streams previously collected by other agencies, thereby creating a central revenue consolidation system,” the report said.

The report also attributed the rising revenue profile to Executive Order 9, signed in February 2026 which had increased monthly Federation Account receipts by 60 per cent from N1.8 trillion in February to N2.88 trillion in March 2026 by closing deduction loopholes on upstream remittances.