The Nigeria Revenue Service (NRS), formerly known as the Federal Inland Revenue Service (FIRS), has achieved a record revenue collection of N28.3 trillion in 2025, exceeding the set target of N25.2 trillion by 12 per cent.
The milestone was announced by Ms Amina Ado Kurawa, Executive Director of the Government and Large Taxpayers Group, on behalf of NRS Executive Chairman Zacch Adedeji. She spoke at the opening of a two-day management retreat themed “Designed to Adapt, Built to Deliver,” held at the Congress Hall of the Transcorp Hilton Hotel in Abuja on Tuesday.
The NRS has set a revenue collection target of N40.71 trillion for 2026, representing a 44 per cent increase from the 2025 target.
Chairman Adedeji urged staff to discard outdated beliefs, stressing that the credibility of Nigeria’s revenue architecture and confidence in the economy rest on their hands.
“If we walk into the future with rigid beliefs, we will build walls where bridges are required. But if we lead with honesty, courage, and an open mind, we will build an institution worthy of this moment,” he said.
Breaking down the 2025 performance, Ms Ado noted that non-oil tax revenue reached N21.4 trillion, surpassing the projected N18 trillion, while oil tax revenue totalled N6.8 trillion, 95 per cent of the N7.2 trillion target. Year-on-year growth was 35 per cent for non-oil taxes and 19 per cent for oil taxes.
“The growth was driven by administrative enhancements, broadening of the withholding system, digitalisation efforts, improved compliance initiatives, and stronger enforcement tactics introduced by NRS,” the statement explained.
The 44 per cent increase in the 2026 target reflects the expanded mandate of NRS to serve as the nation’s revenue system integrator, including collecting royalties previously under the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Speaking virtually at the retreat, Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, encouraged Nigerians to prioritise locally made products to strengthen domestic revenue.
“We all know what spending in Nigeria does for the economy; we know what it does for the revenue targets of NRS. Clearly, it is what we do for ourselves internally that is going to be important at this time,” he said.
Joseph Tegbe, chairman of the National Tax Policy Implementation Committee, highlighted the need for precise execution of tax laws, stressing that the success of reforms depends on delivery quality. He noted that Nigeria’s reliance on volatile oil revenues makes stable domestic revenue essential to meet rising public expenditure.
“History will judge this reform not simply by the revenues it generates, but by the trust it rebuilds between the Nigerian state and its citizens. NRS is not just another agency. It is the nation’s revenue system integrator,” Tegbe said.
