… Oil, Non-Oil collections exceed Targets Amid Reform Push
… 2026 revenue target Set 44% Higher At N40.7tr
Daud Olatunji
The Nigeria Revenue Service (NRS) on Wednesday announced a historic revenue haul of N28.3 trillion for 2025, surpassing its N25.2 trillion target by 12 per cent, marking a significant milestone in the nation’s fiscal reform drive.
Amina Ado Kurawa, Executive Director of the Government and Large Taxpayers Group, disclosed the figures at the opening of a two-day NRS management retreat in Abuja, highlighting a strong performance across both oil and non-oil tax segments.
Non-oil revenues led the growth, contributing N21.4 trillion, well above the projected N18 trillion, while oil-related taxes generated N6.8 trillion, achieving 95 per cent of the N7.2 trillion target. Year-on-year growth was recorded at 35 per cent for non-oil and 19 per cent for oil revenues.
“This remarkable growth was driven by administrative reforms, digitalisation, enhanced tax compliance initiatives, and stronger enforcement measures,” Kurawa stated.
According to a statement signed by Dare Adekanmbi, Special Adviser (Media) to the NRS chairman, the revenue administration agency has set a N40.71 trillion target for 2026, a 44 per cent increase over last year’s target.
The ambitious figure reflects NRS’ expanded mandate as a national revenue integrator, including the collection of royalties previously under the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
At the retreat, FIRS Executive Chairman Zacch Adedeji urged staff to discard outdated practices and embrace innovation, stressing that investor confidence and the credibility of Nigeria’s revenue system depend on their performance.
“If we walk into the future with rigid beliefs, we will build walls where bridges are needed. Leadership requires honesty, courage, and openness,” Adedeji said, citing insights from the Harvard Business Review.
Finance Minister and Coordinating Minister of the Economy, Wale Edun, who joined virtually, encouraged Nigerians to support locally-made products as a means to reduce revenue leakages.
He highlighted the disparity between domestic spending and international aid and investment flows, stressing that internal economic participation is crucial to boosting revenue.
Joseph Tegbe, chairman of the National Tax Policy Implementation Committee, added that the success of ongoing tax reforms would rely heavily on efficient execution and strict compliance by all stakeholders.
The NRS’ record collection and aggressive 2026 target underscore the government’s renewed commitment to domestic revenue mobilisation and fiscal reform, which are pivotal for funding national development and reducing reliance on foreign aid.
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