NRS Sets Massive ₦40.7tr 2026 Revenue Target
…Nigeria Moves to End Dependence on Foreign Loans
By Patience Ikpeme
The Nigeria Revenue Service (NRS) is preparing for a historic year in 2026, setting a revenue target of ₦40.7 trillion.
This bold move is intended to push the agency beyond the Federal Government’s own budget estimate of ₦34.3 trillion, signaling a new era where Nigeria funds its own development without relying on outside help.
Amina Ado Kurawa, the NRS Executive Director for Government and Large Taxpayers, broke down the numbers on Tuesday during a leadership retreat in Abuja. She revealed that the agency is riding a wave of success, as tax collections have grown more than four times between 2021 and 2025.
The year 2025 was particularly strong. The NRS brought in ₦28.3 trillion, which was 12 percent more than the ₦25.2 trillion they had initially planned to collect. “Actual collections in 2025 amounted to 112 per cent of the annual target, reflecting improved efficiency and stronger compliance,” Mrs. Kurawa said. She noted that while oil money grew by 19 percent last year, non-oil taxes jumped by a massive 35 percent.
Looking ahead to 2026, the agency expects non-oil revenue to be the main driver, projected to rise by nearly 38 percent to reach over ₦24.8 trillion. For the first time, royalties from natural resources have been fully added to the NRS collection system. While oil revenue is expected to grow slightly by 1.4 percent, the real focus will be on Company Income Tax, VAT, and the Development Levy.
“To achieve the 2026 target, the Service will continue to engage stakeholders on new tax laws, automate petroleum and royalty payments, and improve audit quality while reducing timelines,” Mrs. Kurawa said. The agency also plans to use digital tools like “e-invoicing” and government contract data to make sure no revenue escapes.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, joined the meeting to explain why these trillions are so vital. He shared a sobering reality: in 2024, developing nations like Nigeria paid out $163 billion to service debts but only received $139 billion in aid and investments.
“This means developing countries sent more money out than they received,” the Minister said. Because the world is “retreating from empathy” and foreign funding is becoming scarce and expensive, he said Nigeria must stand on its own feet. “Internal fiscal effort and domestic revenue mobilisation must now be the main anchor of fiscal sustainability,” he added. He said the goal is to use this money to build a “caring society” with better schools, roads, and healthcare.
The Executive Chairman of the NRS, Dr. Zacch Adedeji, told the gathered leaders that hitting these targets requires a total change in how they think. He said the NRS is a “clear departure from the past” and that leaders must stop hiding behind their titles and old routines.
In a moment of honesty, Dr. Adedeji shared how he had to overcome his own habit of trying to control every task. “My breakthrough was realising that efficiency does not require uniformity, and excellence does not require my personal style,” he said. He told the team that “leadership is about elevating others, not reproducing yourself,” and warned that even the best reforms would fail if leaders didn’t fix their own internal barriers and fears.
Mr. Joseph Tegbe, Chairman of the National Tax Policy Implementation Committee (NTPIC), added that Nigeria has finally moved from just writing laws to making them work. He described the NRS as a “system integrator” that connects technology, policy, and enforcement.
He noted that Nigeria’s low tax-to-GDP ratio has made the country too dependent on oil prices, which go up and down. He said the new focus must be on making taxes easy to pay. “Success should not be measured by revenue figures alone, but by higher voluntary compliance, lower cost of collection, and increased public trust in the fairness of the tax system,” Mr. Tegbe said.
The NRS credited its recent success to several big changes, including stopping the habit of giving out too many filing extensions, restructuring the organization, and improving staff welfare.
As the NRS moves toward the ₦40.7 trillion mark in 2026, the focus remains on using data, technology, and honest leadership to secure Nigeria’s financial future.
