Executive Chairman of National Revenue Service (NRS), Zacch Adedeji, don announce say di agency target N40.7 trillion revenue for 2026 fiscal year.
Adedeji make di disclosure on Wednesday when members of President economic team appear before House of Representatives Committee on Appropriations to review 2025 budget performance and 2026 projections.
Di team include Minister of Finance and Coordinating Minister of di Economy, Wale Edun, and Minister of Budget and Economic Planning, Atiku Bagudu.
Tax Reforms Drive Target
According to Adedeji, ongoing Federal Government tax reforms wey transfer petroleum earnings, mineral royalties and other revenues to NRS go help dem achieve di N40.7tn target.
He express confidence say with support from National Assembly, di agency go meet di proposed figure.
2025 Revenue Surpass Target
Adedeji reveal say for 2025, NRS surpass im revenue target of N25.2tn, generate N28.23tn — about N3tn above projection, represent 12 per cent increase.
Non-oil taxes perform strongly, bring in N21.46tn, which be N3.4tn above target, while oil tax revenue fall short by 5.2 per cent.
He add say compared to 2024, di Service collect N6.5tn more in 2025 — increase of 30.3 per cent, mainly driven by non-oil taxes.
2026 Projection And Budget Concerns
For 2026, NRS project revenue of N32.14tn based on forecast, which be N3.85tn higher than 2025 actual collection.
However, lawmakers question di reported zero capital performance under 2025 budget.
In response, Edun explain say current administration inherit fragile fiscal structure marked by heavy reliance on Ways and Means financing and petrol subsidy distortions. He say government don stop unchecked deficit financing wey rise to about N30tn, though reforms create short-term funding pressure.
Bagudu also inform committee say about 70 per cent of 2025 capital allocation go roll over into 2026 fiscal year following agreement with National Assembly.
Chairman of di Committee, Abubakar Kabir Bichi, say di engagement go guide legislative work on 2026 appropriation proposal.
