The Nigeria Revenue Service (NRS) has announced a record-breaking revenue collection of ₦28.3 trillion for the 2025 fiscal year, marking a significant milestone in the country’s drive to boost non-oil income and strengthen public finances. The figure represents one of the highest annual tax revenues ever recorded by the agency, reflecting improved compliance, expanded tax reforms, and enhanced digital monitoring systems.

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According to officials, the performance surpassed previous years’ collections, driven largely by increased Value Added Tax (VAT) receipts, company income tax, and stricter enforcement across key sectors of the economy. The agency attributed the growth to ongoing reforms aimed at blocking leakages, widening the tax net, and simplifying the payment process for businesses and individuals.

Buoyed by the strong performance, the service has now set an ambitious revenue target of ₦40.7 trillion for 2026. Authorities say the new goal aligns with the Federal Government’s broader fiscal strategy to fund infrastructure, social services, and economic development projects while reducing dependence on borrowing and volatile oil revenues.

The Revenue Service pledged to intensify its use of technology, data analytics, and inter-agency collaboration to achieve the target, while also engaging taxpayers through education and support initiatives. Stakeholders believe that sustaining the current momentum could significantly improve government spending capacity and strengthen Nigeria’s overall economic stability.