The Nigeria Revenue Service (NRS) has announced an ambitious revenue target of N40.7 trillion for the year 2026, indicating a strategic shift towards bolstering domestic revenue channels. This target, revealed during the NRS Management Retreat in Abuja, signifies a 44% increase over the N28.29 trillion collected in 2025 and marks a more than six-fold rise from the N6.4 trillion recorded in 2021. This upward trend highlights the Federal Government's effort to diminish reliance on borrowing by enhancing revenue generation efforts, especially through non-oil sectors.

The Executive Director of Government and Large Taxpayers at the NRS, Amina Ado, emphasized that the ambitious revenue target for 2026 builds on the successful performance of 2025, which was achieved through operational improvements rather than external economic factors such as inflation or exchange-rate fluctuations. The upward trajectory in revenue generation has been attributed largely to enhanced compliance by taxpayers and tighter enforcement measures, which are part of the government’s wider strategy to broaden the tax base and increase collections from the non-oil sector.

The announcement reflects a growing recognition within the Nigerian government of the need to expand revenue sources amid fluctuating global oil prices and economic challenges. By setting such an aggressive target, the NRS aims not only to capitalize on its recent successes but to lay a sustainable foundation for economic stability that can reduce fiscal deficits and improve national development outcomes in the coming years.