NRS Targets N40.7 Trillion in 2026 Taxes After Reforms

Nigeria's tax authority, the Nigeria Revenue Service (NRS), projects N40.7 trillion in revenue for 2026, a significant increase from the N28.23 trillion collected in 2025. Executive Chairman Zach Adedeji announced this during a February 26, 2026, roundtable in Abuja, attributing the growth to recent reforms transferring petroleum revenues and mineral royalties to the NRS. This follows 2025 tax reforms that centralized federal tax collection under the NRS, replacing the Federal Inland Revenue Service (FIRS), which rebranded as the NRS in December 2025. The reforms also halted revenue collection by 60 federal agencies, redirecting their focus to core mandates. Finance Minister Wale Edun highlighted the shift from unsustainable Ways and Means financing and subsidy under-recovery arrangements to market-based solutions. The NRS aims to achieve its 2026 target with legislative support, building on a 30.3% revenue increase from 2024 to 2025, driven by non-oil taxes.

SOURCE: https://nairametrics.com/2026/02/26/tax-reform-nrs-targets-n40-7-trillion-revenue-in-2026/