Nigeria Revenue Service Sets Ambitious N40.7 Trillion Target After N28.3 Trillion Record in 2025

The Nigeria Revenue Service (NRS) has announced a record-breaking revenue collection of N28.3 trillion in 2025, surpassing the agency’s target of N25.2 trillion. The achievement was revealed by Amina Ado Kurawa, Executive Director of the Government and Large Taxpayers Group, at the opening of a two-day management retreat in Abuja. The NRS now aims even higher, setting a target of N40.71 trillion for 2026, marking a 44% increase over last year’s goal.

According to Kurawa, non-oil taxes drove much of last year’s success, contributing N21.4 trillion against a projected N18 trillion, while oil taxes reached N6.8 trillion, achieving 95% of the sector’s target. Year-on-year, non-oil revenue grew by 35% and oil revenue by 19%, reflecting strengthened compliance initiatives, digitalization, and enhanced enforcement strategies across the country.

At the retreat, NRS Executive Chairman Zacch Adedeji urged staff to embrace innovation and discard outdated mindsets. “If we walk into the future with rigid beliefs, we will build walls where bridges are required,” Adedeji said, stressing that the credibility of Nigeria’s revenue system depends on leadership, courage, and honesty. He cited insights from the Harvard Business Review on how invisible beliefs can limit leadership success, emphasizing that the agency’s true impact will be defined by action, not words.

The 2026 target increase is also driven by NRS’s expanded mandate, including the collection of royalties previously handled by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Finance Minister Wale Edun, who joined virtually, highlighted the importance of domestic consumption, urging Nigerians to rely more on local products to boost the economy and reduce revenue leakage. “What we do internally is more important than foreign aid or investment,” he noted.

Meanwhile, Joseph Tegbe, chairman of the National Tax Policy Implementation Committee, emphasized the need for precise execution of tax laws. He warned that the success of reforms depends not on intentions but on the quality of delivery, signaling that NRS’s ambitious targets will require continued innovation, accountability, and strategic focus to transform Nigeria’s revenue landscape.

source: The guardian