NRS targets N41trn revenue on back of tax reforms

The executive chairman of the National Revenue Service, Zach Adedeji, says the 2026 tax reforms position the service to generate N40.7 trillion in taxes and royalties.

Mr Adedeji spoke on Wednesday at a roundtable in Abuja organised by the House of Representatives Committee on Appropriations for key stakeholders in the financial sector.

“In light of the tax reforms transferring petroleum and mineral royalties and other revenues to the NRS, the total target is N40.7 trillion. We believe that with the support of the House, we will achieve what we have proposed,” he said.

Mr Adedeji recalled that in 2025, the service exceeded its N25.2 trillion target, generating N28.23 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 said.
Finance minister Wale Edun said Nigeria previously relied on Ways and Means financing to cover large fiscal deficits.

He added that the NNPC funded the petrol subsidy through an under-recovery arrangement, which he described as unsustainable. Mr Edun said there was a need to correct distortions and replace them with market-based solutions, which led to the reforms.

The chairman of the House Committee on Appropriations, Abubakar Bichi (APC-Kano), said the roundtable enabled interaction with the presidential 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 the 2025 performance and the 2026 proposal.

“We also engaged the NRS Chairman to clarify the 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. NAN