Advertisement
NRS Reports ₦21.6tn Revenue in Seven Months – Report
The Nigeria Revenue Service (NRS) generated ₦21.6 trillion in the first half of 2026, a 49% year-on-year increase, according to an Economic Snapshot Report obtained from the Presidency.
The report credited the surge to tax reforms, digitalisation of tax administration, expansion of NRS’s mandate, and changes to oil revenue remittances.
Tax collections rose from ₦12.3tn in 2023 to ₦21tn in 2024, then ₦28.3tn in 2025, with the latest figures showing strong momentum. Non-oil revenue accounted for 76% of total collections, while Nigeria’s tax-to-GDP ratio improved from 10.3% to 13%.
Key drivers included the rollout of a national e-invoicing system, four new tax laws effective January 2026, and the transformation of FIRS into NRS, consolidating non-tax revenue streams under one agency.
The report highlighted Executive Order 9, signed in February 2026, which closed loopholes in upstream oil and gas remittances.
“Monthly Federation Account receipts rose 60% in a single month, from ₦1.8tn in February to ₦2.88tn in March 2026,” it stated.
The Presidency recommended legislative backing for Executive Order 9 to preserve gains beyond its lifespan, suggesting incorporation into the Nigeria Tax Administration Act or amendments to the Petroleum Industry Act.
Broader economic indicators also improved: external reserves climbed from $3.99bn to $50.11bn, crude oil production rose to 1.9 million bpd, domestic refining capacity expanded to 700,000 bpd, and Nigeria recorded its first net petrol export in March 2026.
Capital importation grew from $3.9bn in 2023 to $23.22bn in 2025, while the Nigerian Exchange’s market capitalisation surged from ₦30.36tn to ₦155tn, underscoring the impact of reforms since President Tinubu took office.
