February 11, (THEWILL) — The Nigeria Revenue Service (NRS) has set a ₦40.71 trillion revenue target for the 2026 fiscal year, representing a 44% increase over the ₦28.3 trillion it collected in 2025, signalling renewed momentum in the country’s tax reform drive.
The announcement was made at the NRS’s leadership retreat in Abuja by Amina Ado Kurawa, Executive Director of the Government & Large Taxpayers Department. She attributed the robust target to structural changes from the transformation of the former Federal Inland Revenue Service (FIRS) into the broader-mandated NRS, which now also collects royalties from oil, gas and mineral sectors.
According to Kurawa, non-oil revenues are expected to hit ₦24.836 trillion in 2026, with ₦12.4 trillion from Company Income Tax (CIT), ₦9.9 trillion from Value Added Tax (VAT) and ₦1.9 trillion from the Development Levy. She said the proactive implementation of new tax laws has already resulted in more than 9,000 new taxpayers registering and filing returns in January alone.
The expanded mandate is viewed as a core driver behind the higher target, supported by automation of petroleum tax assessments, digitised filings, and stronger compliance enforcement. Executive Chairman, Zacch Adedeji, said the change from FIRS to NRS represents an institutional upgrade intended to “tax prosperity, not poverty”.
Finance Minister, Wale Edun, used the event to highlight the importance of domestic revenue mobilisation for fiscal sustainability, urging Nigerians to support local industries to retain revenue within the economy.
Analysts say the jump in both past performance and future targets reflects ongoing tax overhaul efforts, but stress that meeting the ambitious 2026 objective will require sustained compliance improvements and efficient enforcement across sectors.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
