The Nigeria Revenue Service (NRS) has said it is targeting revenue of N40.7 trillion from taxes, royalties and other sources in the 2026 fiscal year.
NRS Executive Chairman Zach Adedeji stated this on Wednesday when members of the Economic Team appeared before the House of Representatives Committee on Appropriations.
Adedeji expressed optimism that the agency would achieve the target with the support of the House, stating that the NRS surpassed its 2025 target owing to exceptional performance from non-oil taxes.
According to him, the 2025 target of the agency was N25.2 trillion, an increase of N3.5 trillion compared to actual revenue collected in 2024. Nevertheless, he explained that the service collected a total of N28.23 trillion for the 2025 fiscal year.
“In the light of the tax reforms that transfer petroleum and mineral royalty and other revenue to the NRS, the total target for taxes, royalty and other minerals is N40.7 trillion.
“We believe that with the support of the House, we would be able to achieve what we propose.
“For the year 2025, the revenue target for the service was N25.2 trillion, an increase of N3.5 trillion compared to actual revenue collected in 2024. The service has succeeded in its 2025 target by collecting N28.23 trillion. This is due to exceptional performance from non-oil taxes.
“Non-oil taxes exceeded their target by collecting N21.46 trillion, an increase of N3.4 trillion. Meanwhile, oil taxes fell short of the target by 5.2 per cent. Overall, the service exceeded its target by N3 trillion, which is 12 per cent compared to the target we had for 2025.
“When you compare 2025 performance to 2024, the service collected N6.5 trillion more than what we did in 2024. That is an increase of 30.3 per cent. This is driven significantly by non-oil taxes.
“For the 2026 target, in the light of the forecast that we have for oil, from that N25.2 trillion that we did last year, we forecast that we would do N32.14 trillion for 2026, which is N3.85 trillion higher than the actual collection in 2025,” Adedeji stated.
The Chairman of the House Committee on Appropriations, Abubakar Bichi, said the interaction was necessary to guide the committee in processing the 2026 Appropriation Bill.
“We have also decided to engage the NRS chairman to shed more light on the revenue in terms of the 2026 projections. In 2025, we have achieved about N28 trillion from our revenue, from the target of N25 trillion.
“We need to have more information from you so that Nigerians can know what is going on.”