Prosper Okoye
President Bola Ahmed Tinubu’s administration is aiming to collect N40.7 trillion in revenue for 2026, Executive Chairman of the National Revenue Service (NRS), Zacch Adedeji, told the House of Representatives on Wednesday.
The target covers taxes, petroleum earnings, mineral royalties, and other sources, reflecting ongoing federal tax reforms.
Adedeji made the announcement during a session with the President’s economic team, including Finance Minister Wale Edun and Minister of Budget and Economic Planning Atiku Bagudu, as lawmakers reviewed the performance of the 2025 budget and discussed projections for the coming year.
Join our WhatsApp Channel“In light of the tax reforms that transfer petroleum, mineral royalties, and other revenues to the NRS, we are targeting N40.7 trillion for next year,” Adedeji said. He added that with support from the legislature, the agency believes it can meet this target.
The NRS exceeded its 2025 revenue goal, collecting N28.23 trillion—about N3 trillion above the projected N25.2 trillion, a 12% increase. Non-oil taxes drove much of this growth, bringing in N21.46 trillion, surpassing targets by N3.4 trillion, while oil tax revenues fell short by 5.2%. Compared with 2024, total collections rose by N6.5 trillion, a 30.3% increase.
Looking ahead, Adedeji projected N32.14 trillion in revenue for 2026, N3.85 trillion higher than actual 2025 collections. The rise is partly linked to higher oil production, forecast to increase from 1.7 million barrels per day in 2025 to 1.8 million barrels per day next year.
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Lawmakers raised concerns over zero capital expenditure under the 2025 budget. Finance Minister Edun said the government inherited a fragile fiscal system heavily dependent on Central Bank deficit financing and petrol subsidies, which was unsustainable. Budget Minister Bagudu explained that about 70% of the 2025 capital allocation would be rolled over into 2026.
Committee Chairman Abubakar Kabir Bichi said the session was intended to guide legislative consideration of the 2026 budget proposal.
Prosper Okoye is a Correspondent and Research Writer at Prime Business Africa, a Nigerian journalist with experience in development reporting, public affairs, and policy-focused storytelling across Africa
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