By Seun Ibiyemi
The Executive Chairman of the National Revenue Service (NRS), Zach Adedeji, has said the 2026 tax reforms position the agency to generate N40.7 trillion in taxes and royalties.
Adedeji made this known on Wednesday at a roundtable in Abuja organised by the House of Representatives Committee on Appropriations for key stakeholders in the financial sector.Naira will drop to N1,000/$ in Weeks – Tinubu
“In light of the tax reforms transferring petroleum and mineral royalties and other revenues to the NRS, the total target is N40.7 trillion,” he said.
“We believe that with the support of the House, we will achieve what we have proposed.”
He recalled that in 2025, the service exceeded its N25.2 trillion revenue target by generating N28.23 trillion.
“Compared with 2024, we collected N6.5 trillion more in 2025, representing a 30.3 per cent increase, driven largely by non-oil taxes,” Adedeji added.
Also speaking at the event, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said Nigeria previously relied on Ways and Means financing to cover large fiscal deficits.Nigeria loses N8trn annually to tax waivers — Reps
Edun noted that the Nigerian National Petroleum Company Limited (NNPC) had funded petrol subsidy payments through an under-recovery arrangement, which he described as unsustainable.
According to him, the ongoing reforms are aimed at correcting fiscal distortions and replacing them with market-based solutions to ensure long-term economic stability.
The Chairman of the House Committee on Appropriations, Abubakar Bichi, said the roundtable provided lawmakers with the opportunity to engage directly with the presidential economic team on the 2026 Appropriation Bill.
“This is for us to study, consider and approve the request. We decided to engage the President’s team on 2025 performance and the 2026 proposal,” Bichi said.
He added that lawmakers also sought clarification from the NRS Chairman on the 2026 revenue projections.
“In 2025, we achieved about N28 trillion against a N25 trillion target. We need more information so Nigerians can understand what is going on,” he said.
The roundtable forms part of the National Assembly’s oversight and budget review process ahead of deliberations on the 2026 fiscal framework.
