Nigeria Revenue Service reports growth in domestic revenue collection

Zacch Adedeji, Executive Chairman of the Nigeria Revenue Service (NRS), has identified domestic revenue mobilisation as the primary driver for Nigeria’s long-term macroeconomic stability. During a policy meeting in Abuja, Adedeji emphasized that expanding state funds is essential to avoid over-reliance on heavy borrowing for infrastructure, security, and social programs.

The NRS reported significant progress in fund collection, recording N28.3 trillion in 2025, which exceeded its N25.2 trillion target. The agency has set a higher revenue target of N40.7 trillion for 2026. Early figures for the first half of 2026 indicate that collections are already approaching the total achieved in the previous year.

Evidence of economic recovery is also reflected in corporate and national financial metrics. Ten major blue-chip companies saw combined revenues rise from N10.42 trillion in the first half of 2025 to N14.4 trillion in the first half of 2026. Notable performers include MTN Nigeria, with N2.99 trillion, and Dangote Cement, with N2.56 trillion. Additionally, Nigeria’s balance of payments shifted from a $3.34 billion deficit to a $2.38 billion surplus, supported by foreign exchange reserves increasing from $33 billion to $52 billion.