The Nigeria Revenue Service (NRS), formerly known as the Federal Inland Revenue Service (FIRS), broke its record revenue collection, posting N28.3 trillion to surpass the set target of N25.2 trillion for 2025.

This was disclosed on behalf of the NRS executive chairman, Zacch Adedeji, by the executive director of the Government and Large Taxpayers Group, Amina Ado.

According to a statement by Dare Adekanmbi, NRS chairman’s media aide, Ms Ado spoke at the opening of a two-day management retreat with the theme “Designed to Adapt, Built to Deliver” in Abuja on Tuesday.

She also revealed that the revenue collection target for the agency for 2026 has been set at N40.71 trillion, 44 per cent higher than the 2025 target.

The executive director, while giving a breakdown of the 2025 collection figures, said non-oil taxes accounted for N21.4 trillion, against a projected N18 trillion.

Total oil tax collection, according to her, came to N6.8 trillion, representing 95 per cent of the N7.2 trillion target set for the sector.

She said that both oil and non-oil tax revenue grew year-on-year by 19 per cent and 35 per cent, respectively.

“For the year 2025, oil tax revenue totalled N6.6 trillion, representing a growth of 19 per cent over the N5.8 trillion realised during the corresponding period in 2024.

“Non-oil tax revenue for 2025 exceeded the 2024 total, reaching N21.5 trillion compared to N15.9 trillion for the same period in 2024, representing a growth of 35 per cent.

“This growth was driven by administrative enhancements, broadening of the withholding system, digitalisation efforts, improved tax compliance initiatives, and stronger enforcement tactics introduced by NRS,” she said.

She said the 44 per cent increase in the agency’s target was based on NRS’ expanded mandate as the country’s revenue system integrator.

Ms Ado said the mandate included the collection of royalty, hitherto the responsibility of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and so on.

Speaking earlier, the NRS chairman charged the agency’s management and staff to do away with old beliefs, as the credibility of Nigeria’s revenue architecture and confidence in the Nigerian economy rest on their hands.

“The Nigeria Revenue Service will not be defined by what we say in this room. It will be defined by who we become after we leave it,” he said.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who joined the event virtually, charged Nigerians to rely more on made-in-Nigeria products, saying this would reduce revenue losses.

“We talk about buying from West Africa or trading with Africa as a whole, but intra-Nigerian trade is critical. We all know what spending in Nigeria does for the economy; we know what it does for the revenue targets of NRS.

“The debt service that was paid by the developing countries in 2024 was 163 billion dollars, while the overseas development assistance that came in was $42 billion.

“The foreign direct investment and the private sector funding that came in from abroad to developing countries were just $97 billion,” Mr Edun said.

According to him, what developing countries are giving out exceeds what they are getting across the various categories.

“Clearly, it is what we do for ourselves internally that is going to be important at this time,” he said.

The minister reiterated the government’s desire to deliver in the areas of fiscal reforms and revenue mobilisation

Also speaking, the chairman of the National Tax Policy Implementation Committee, Joseph Tegbe, stressed the need for clinical delivery and execution of the tax laws.

(NAN)