The Nigeria Revenue Service (NRS) says the country generated ₦27.1 trillion in tax revenue during the first seven months of 2026, attributing the increase to ongoing tax reforms and the digitisation of the revenue collection system.
NRS Chairman, Dr. Zacch Adedeji, disclosed this while appearing on Channels Television’s Politics Today programme.
According to him, Nigeria’s tax-to-Gross Domestic Product (GDP) ratio has risen from 10.3 per cent to 13 per cent, reflecting the impact of recent reforms introduced by the Federal Government.
Adedeji said the country had moved beyond a difficult period of economic adjustment and was now showing signs of stronger growth and macroeconomic stability.
«“The Service’s tax collection has doubled due to the digitisation of tax systems, the four new tax reform laws, the transformation of the revenue service, and an executive order that closed loopholes in the system,” he said.»
Official figures show that the NRS collected ₦12.3 trillion in 2023, ₦21 trillion in 2024 and ₦28.3 trillion in 2025.
The NRS chairman also pointed to improvements in several key economic indicators. He said Nigeria’s economic growth increased from 2.74 per cent in 2023 to 3.8 per cent in the first half of 2026, while the country’s external reserves reached a 17-year high of $51.9 billion in July 2026.
He added that the country’s balance of payments improved from a $3.34 billion deficit to a $2.38 billion surplus in the first quarter of 2026.
Adedeji attributed the improving economic environment to financial-sector reforms, tighter monetary management, exchange-rate stability and easing inflationary pressures.
He said these developments had improved business confidence and enabled companies to make longer-term investment decisions with greater certainty.
According to him, reforms introduced under President Bola Tinubu have helped move the Nigerian economy from severe macroeconomic challenges towards greater stability and resilience.
The reforms include the removal of the fuel subsidy, foreign-exchange reforms, measures to reduce Central Bank deficit financing and changes to the tax system.
Adedeji further said the recapitalisation of the banking sector had strengthened the financial system’s ability to support large-scale businesses, while tax reforms had simplified revenue administration and expanded the country’s tax base.
He said the reforms had also improved the operating environment for capital-intensive and export-oriented companies by increasing market efficiency, strengthening economic stability and boosting investor confidence.
The NRS chairman said President Tinubu inherited four major economic challenges when he assumed office in May 2023: an unsustainable fuel subsidy system, an opaque foreign-exchange regime, an underperforming oil sector and a tax base significantly below its potential.
He said the improvement in inflation, the shift in the balance of payments from deficit to surplus, the emergence of Nigeria as a net petrol exporter and the significant increase in tax revenue were evidence of the country’s ongoing economic recovery.
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