Abuja, Nigeria – The Nigeria Revenue Service (NRS) has set a revenue target of N40.7 trillion for 2026, signalling the Federal Government’s commitment to boosting non-oil collections, expanding compliance, and strengthening enforcement to increase domestic revenue and reduce reliance on new borrowing.
Okay News reports that the target was unveiled at the NRS Management Retreat in Abuja, marking a 44% increase from the N28.29 trillion collected in 2025 and more than six times the N6.4 trillion recorded in 2021. The growth highlights the scale of revenue expansion over the past five years.
Amina Ado, Executive Director of Government and Large Taxpayers at NRS, said the 2026 target is based on strong performance in 2025, driven primarily by internal reforms rather than inflation or exchange rate fluctuations. She noted that the NRS exceeded its 2025 target of N25.2 trillion, collecting N28.23 trillion and achieving 112% of the goal.
Data presented at the retreat showed that NRS revenue rose steadily from N6.4 trillion in 2021 to N10.18 trillion in 2022, N12.34 trillion in 2023, N21.7 trillion in 2024, and N28.29 trillion in 2025. The N40.7 trillion goal for 2026 reflects expectations that this upward trend will continue.
Non-oil revenue is projected to remain the main driver of growth, expected to rise from N18 trillion in 2025 to N24.84 trillion in 2026. Oil-related revenue is projected to grow marginally from N7.2 trillion to N7.3 trillion. Company Income Tax, Value Added Tax, and the Development Levy will anchor the non-oil expansion.
Ado said improved filing and payment compliance, stricter enforcement, internal restructuring, expanded withholding VAT, automation, and digitalisation contributed to the stronger 2025 performance. Achieving the 2026 target will also require automated petroleum tax and royalty assessments, more aggressive engagement with MDAs and sub-national governments, improved audit turnaround times, and deeper use of data from e-invoicing platforms and government contracts.
