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NRS targets ₦40.7trn revenue in 2026
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Nigeria’s revenue outlook for 2026 is set on a strong growth path as the Nigeria Revenue Service (NRS) has projected a total revenue target of ₦40.7 trillion for the year. This would be built on what it described as “sustained progress recorded over the past five years.”
Meeting the ₦40.7 trillion target in 2026 would mean that the Service would outperform the Federal Government’s budgeted revenue estimate of ₦34.3 trillion for the year.
The projection was disclosed on Tuesday in Abuja by the Executive Director, Government and Large Taxpayers at the NRS, Mrs. Amina Ado Kurawa, during the 2026 NRS Leadership Retreat. She said revenue performance between 2021 and 2025 had improved significantly, with collections rising by more than four times within the period.
She explained that while year-on-year growth is expected to remain positive, success will depend largely on stronger enforcement, broader compliance, and improved operational efficiency under the new NRS framework.
Mrs. Kurawa said oil revenue is expected to grow modestly by about 1.4 per cent in 2026, noting that this reflects stable oil production levels but lower benchmark prices. She added that the projected increase would come mainly from Company Income Tax related to oil operations, as well as Petroleum Profits Tax and Hydrocarbon Tax.
She explained that non-oil revenue would remain the main driver of growth, with collections projected to rise by 37.9 per cent to ₦24.836 trillion in 2026, compared to the ₦21.5 trillion recorded in 2025. Kurawa also disclosed that royalty revenue has now been fully integrated into the national revenue framework for the first time, following the expanded mandate of the Nigeria Revenue Service, creating an additional stream of income for the government.
Within the non-oil segment, she said Company Income Tax, Value Added Tax, and the Development Levy are expected to account for the largest share of revenue growth in 2026.
“To achieve the 2026 target, the Service will continue to engage stakeholders on new tax laws, automate Petroleum Profits Tax, Hydrocarbon Tax, and royalty assessments and payments, issue clear regulations to support compliance, and improve audit quality while reducing audit timelines,” she said.
She added that the Service would also strengthen collaboration with state governments and federal ministries, departments, and agencies to improve VAT and withholding tax remittances. According to her, the NRS is also expanding its use of data analytics through e-invoicing, government contract data, and other digital sources to close revenue gaps.
Mrs. Kurawa also presented the performance of the Service in 2025, describing it as one of the strongest in recent years. She said total revenue collection rose by 30.4 per cent to ₦28.3 trillion in 2025, compared to ₦21.7 trillion in 2024, exceeding the annual target of ₦25.2 trillion by 12 per cent.
“Actual collections in 2025 amounted to 112 per cent of the annual target, reflecting improved efficiency and stronger compliance across revenue streams,” she said.
She explained that quarterly results showed particularly strong performance in the middle of the year, with the Service achieving 129.7 per cent of its second-quarter target and 131.9 per cent in the third quarter, although the first and fourth quarters came in slightly below expectations.
Oil tax revenue in 2025 stood at ₦6.8 trillion, representing 95 per cent of the annual oil revenue target, with average monthly collections of about ₦600 billion. Non-oil taxes performed even better, with collections reaching ₦21.4 trillion, equivalent to 119 per cent of the annual target and an average monthly inflow of about ₦1.5 trillion.
Year-on-year figures showed oil tax revenue grew by 19 per cent from ₦5.8 trillion in 2024 to ₦6.8 trillion in 2025, while non-oil tax revenue jumped by 35 per cent from ₦15.9 trillion to ₦21.5 trillion. Company Income Tax, Value Added Tax, and Petroleum Profits Tax or Hydrocarbon Tax recorded the strongest results, while Capital Gains Tax saw exceptional growth due mainly to divestments in the oil and gas sector.
She noted that revenue performance in 2025 was higher than in 2024 in every month except October, which fell short by about five per cent. Filing compliance also improved steadily between 2022 and 2025 across major tax types, including Company Income Tax, VAT, withholding tax, stamp duties, and electronic money transfer levy.
According to her, the strong 2025 outcome was driven by stricter enforcement of penalties, removal of routine filing extensions, organisational restructuring carried out in early 2024, better staff welfare, expansion of the withholding tax system, automation efforts, and reforms in tax policy and legislation.
Speaking at the retreat, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, placed Nigeria’s revenue drive within a broader global context, pointing to what he described as a harsh financial reality facing developing countries.
Using 2024 figures, the Minister said developing and emerging economies paid about $163 billion in debt service to external creditors during the year, while receiving only $42 billion in Overseas Development Assistance (ODA) and about $97 billion in Foreign Direct Investment (FDI).
“When you add ODA and FDI together, total inflows came to $139 billion, which is still lower than the $163 billion paid out in debt service,” he said. “This means developing countries sent more money out than they received, leading to a net outflow of resources.”
He explained that this situation shows that developing countries are now giving more money to the global system than they are receiving, reversing the traditional flow of financial support. According to him, this makes reliance on external financing unsustainable.
“Internal fiscal effort and domestic revenue mobilisation must now be the main anchor of fiscal sustainability,” the Minister said, adding that countries must increasingly rely on their own revenue and savings to fund investment and development.
He said this reality makes the role of the Nigeria Revenue Service central to Nigeria’s economic strategy at this time.
The Executive Chairman of the NRS, Dr. Zacch Adedeji, in his address, urged leaders of the Service to abandon comfort, routine, and old habits, and rise to the demands of the present moment. He said the NRS represents a clear departure from the past and marks the beginning of a new institutional era that requires new ways of thinking and leading.
“Past achievements and positions will not be enough to secure the future of this institution,” he said. “What will matter is adaptability, growth, and a higher standard of leadership.”
Dr. Adedeji said leadership failures often stem not from lack of intelligence or strategy, but from hidden beliefs that shape decisions and behaviour. He warned that even strong reforms can fail if leaders do not confront internal barriers that quietly influence how they lead.
He noted that such barriers often appear as good intentions, such as believing leaders must always have the answers, confusing tight control with accountability, or expecting everyone to work in the same way and at the same pace. He added that fear-driven leadership environments discourage learning, questioning, and innovation.
The NRS Chairman said the first priority of the retreat was leadership self-examination, not strategy or technology. He admitted that he personally struggled with expecting others to perform tasks exactly the way he would, which affected delegation and created unnecessary pressure.
“My breakthrough was realising that efficiency does not require uniformity, and excellence does not require my personal style,” he said. “Leadership is about elevating others, not reproducing yourself.”
He urged leaders to set aside titles and inherited leadership scripts during the retreat, saying the future of the NRS would depend more on humility, courage, and clarity than on policy documents.
Also speaking at the retreat, the Chairman of the National Tax Policy Implementation Committee (NTPIC), Mr. Joseph Tegbe, said Nigeria has moved from the phase of making tax laws to the phase of delivering results. He said the passage of four major tax laws has corrected past weaknesses, and attention must now turn fully to execution.
According to him, Nigeria’s low tax-to-GDP ratio remains a major structural weakness that exposes the country to oil price shocks, making stable domestic revenue an economic necessity rather than a choice.
Mr. Tegbe described the NRS as a “revenue system integrator” rather than a stand-alone agency, with responsibility for expanding the tax base while protecting vulnerable citizens, using data and technology intelligently, maintaining high ethical standards, and building a strong, professional workforce.
He added that success should not be measured by revenue figures alone, but by higher voluntary compliance, lower cost of collection, fewer disputes, and increased public trust in the fairness of the tax system
News
*Hajia Hansatu Zannah Applauds Tinubu, Shettima at Three-Year Milestone*
By Kayode Sanni-Arewa
Hajia Hansatu Zannah, distinguished member of the Governing Council of the African Union Agenda 2063 and Ambassador Plenipotentiary, has extended heartfelt commendations to President Bola Ahmed Tinubu, GCFR, and Vice President Kashim Shettima, GCON, as they mark three years in office.
“This remarkable milestone signifies an era of purposeful leadership that has brought notable triumphs to our nation under President Tinubu’s administration,” Hajia Hansatu remarked during an engagement with select political correspondents in Abuja on Tuesday.
She praised President Tinubu for his unwavering commitment to national unity, economic transformation, and the strengthening of Nigeria’s global reputation. Reflecting on the administration’s achievements, she highlighted progress in infrastructure development, anti-corruption efforts, and initiatives designed to stimulate sustainable economic growth.
“President Tinubu’s three years in office have been defined by a resolute pursuit of policies aimed at revitalizing our economy and enhancing the quality of life for all Nigerians. His dedication to infrastructure expansion, healthcare improvement, and educational advancement is commendable and lays a strong foundation for future prosperity,” she stated.
Hansatu, a seasoned media personality and communication strategist, emphasized the importance of visionary leadership in navigating Nigeria’s current challenges. She expressed optimism that the administration would continue to consolidate its successes while addressing pressing issues such as security, unemployment, and economic stability.
“In these challenging times, Nigeria requires a leader with vision, resilience, and a profound understanding of our diverse cultural and socio-economic landscape. President Tinubu has demonstrated these qualities through his inclusive approach and steadfast dedication to uplifting every segment of society,” she added.
Calling for collective responsibility, Hajia Hansatu urged Nigerians to support the administration’s efforts and remain united in confronting national challenges.
“As this administration celebrates this milestone, let us recommit ourselves to the values of hard work, unity, and patriotism. Together, we can build a Nigeria that is strong, prosperous, just, and equitable—a nation admired across the world,” she said.
She further noted that President Tinubu’s leadership style is distinguished by his detribalized disposition, drawing parallels with the late Chief Moshood Abiola’s inclusive politics. “Asiwaju Bola Ahmed Tinubu has embraced every tribe and religion in Nigeria. His compassion, generosity, and inclusive governance inspire trust and confidence in his leadership,” she affirmed.
Hansatu concluded by reaffirming her personal commitment to supporting President Tinubu and Vice President Shettima in their mission to advance Nigeria’s welfare and development. She pledged to continue serving as an exemplary ambassador both at home and abroad, dedicated to initiatives that promote national progress and unity.
News
AI, skills and innovation key to East Midlands’ digital economy growth, experts say
By Kayode Sanni-Arewa
Experts, technology leaders, academics, investors and entrepreneurs have identified artificial intelligence, digital skills development and innovation as key factors that will shape the growth of the East Midlands’ digital economy.
The remarks were made at the Tech Derby Conference 2026, held at Vaillant Live in Derby as part of East Midlands Tech Week, where stakeholders gathered to discuss the theme, “AI & the Next Digital Economy: Innovation, Opportunities and Responsible Governance.”
The conference focused on how artificial intelligence is transforming industries, creating new business opportunities and influencing the future of work, while highlighting the importance of responsible AI adoption, ethical governance and investment in talent development.
A major highlight of the event was a keynote address by Professor Stephan Reiff-Marganiec, Head of the School of Computing at the University of Derby, who spoke on developing local talent for an AI-ready future.
Professor Reiff-Marganiec emphasised the need for stronger collaboration between universities, industry and communities to prepare people with the skills required to take advantage of emerging technological opportunities.
The conference also featured a presentation by Ajibola Shokunbi of AudioInsight UK, who shared insights into the use of artificial intelligence in music education and demonstrated how research-driven innovation can be developed into practical solutions with real-world impact.
During the panel session titled “AI Governance and Responsible Innovation: Building Trust in the Next Digital Economy,” experts examined issues surrounding accountability, transparency, data governance and public confidence in the adoption of artificial intelligence.
The discussion was moderated by Adepeju Bello, a cybersecurity and financial crime specialist, Director at Tech Derby, and Head of the Tech Advisory & Policy Group (TAG).
Bello said artificial intelligence had moved beyond being a future concept and was already changing how people work, learn, communicate, make decisions and build businesses across sectors such as healthcare, finance, education and entrepreneurship.
“Artificial Intelligence is no longer a future technology, it is already transforming how we work, learn, communicate, make decisions, and build businesses. From healthcare and finance to education, government, and entrepreneurship, AI is creating incredible opportunities for innovation and growth,” she said.
Contributing to the discussion, Rukayat Balogun highlighted the importance of responsible AI adoption, stressing the need for accountability, transparency, effective data governance and meaningful human oversight to build trust in emerging technologies.
Joseph Origbo, PhD Researcher, AI and Digital Innovation Advocate, and Co-Founder of Tech Derby, said responsible innovation required collaboration among universities, businesses, public-sector organisations and technology leaders.
He noted that building a competitive digital economy required not only technological advancement but also investment in skills, partnerships, trust and inclusive growth.
Speaking after the conference, Akindayo Akindolani, CEO of Tech Derby, said the event demonstrated the impact of bringing together founders, professionals, universities, investors, businesses and community leaders around a shared vision.
“Tech Derby was created to build a stronger technology ecosystem in Derby and the wider East Midlands. This conference showed what is possible when founders, professionals, universities, investors, businesses and community leaders come together around a shared vision,” he said.
Akindolani added that AI and digital innovation should not be limited to major cities, noting that Derby had the talent, ideas and ambition to play a significant role in the next digital economy.
He said Tech Derby would continue supporting technology growth through startup programmes, AI workshops, technical training, founder support initiatives and ecosystem partnerships.
Olawale Olatunji, Co-Founder and Event Project Manager, described the conference as a reflection of the region’s growing technology ambitions.
“The Tech Derby Conference 2026 was more than an event; it was a demonstration of what can be achieved when people from different sectors come together with a shared vision for innovation and growth,” Olatunji said.
He added that discussions around AI, responsible innovation, digital skills and business growth reinforced the potential of the East Midlands to become a leading technology hub.
The conference was supported by partners including East Midlands Tech Week, University of Derby, British Business Bank, Mercia Ventures, LemFi, TES Community and other members of the local innovation ecosystem.
Tech Derby said it would continue developing programmes focused on AI training, startup support, hackathons, youth-focused digital activities and partnerships aimed at strengthening the region’s technology landscape.
Omolara Oladipupo, software developer, also spoke on building competitive businesses in the digital economy, highlighting emerging technologies such as agentic AI and other digital tools businesses—particularly SMEs—should monitor over the next five years, alongside practical technologies that can support growth and efficiency.
News
From Blackouts to Breakthroughs: Why West Africa’s Energy Story Is Far From Finished
By Gloria Ikibah
For millions of people across West Africa, electricity remains a privilege rather than a guarantee. While cities grapple with frequent blackouts and ageing infrastructure, many rural communities still live beyond the reach of national grids, relying on candles, kerosene lamps and diesel generators to power their daily lives.
Yet a quiet energy revolution is unfolding across the region.
From Senegal to Ghana, Cabo Verde and Nigeria, solar mini-grids and off-grid renewable energy systems are gradually changing the story, bringing power to villages that have waited decades for electricity. The transformation is creating businesses, improving healthcare, supporting education and opening new economic opportunities.
But as promising projects emerge, a new challenge is becoming clear: generating electricity is no longer the biggest problem. Keeping pace with rising demand, financing expansion and building sustainable systems are proving to be the real test.
Access to electricity has long been one of West Africa’s greatest development challenges. According to the ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE), millions of people in the region, particularly in rural areas, still lack reliable access to electricity despite significant progress over the past decade.
The ECOWAS Vision 2050 framework identifies energy access as a critical driver of industrialisation, regional integration and poverty reduction, recognising that economic growth cannot thrive without dependable power supply.
The situation reflects a wider African reality. While investment in renewable energy is increasing, expanding electricity access remains a major challenge because of population growth, financing gaps and ageing transmission infrastructure.
International agencies and reports by Reuters have repeatedly highlighted how frequent power shortages continue to slow industrial production, discourage investment and increase the cost of doing business across the region.
Against this backdrop, renewable energy has emerged as one of West Africa’s most practical solutions.
In Senegal’s Fatick Region, the rural community of Ndiob offers a glimpse of what is possible.
During a recent field mission, members of the ECOWAS Parliament’s Joint Committee on Energy and Mines, Infrastructure, Agriculture, Environment and Natural Resources travelled from Dakar to inspect a solar-powered mini-grid serving three villages.
Managed by Green Impact West Africa under the supervision of Senegal’s Rural Electrification Agency (ASER), the project uses a containerised solar plant equipped with photovoltaic panels and lithium-ion battery storage to supply homes, schools, health centres and small businesses.
The impact is visible everywhere, as street lights illuminate roads that were once dark after sunset. Health centres preserve medicines safely. Schools enjoy longer study hours, while artisans such as welders, tailors and carpenters have expanded their businesses because electricity is available throughout the day.
Women have found new opportunities through food preservation and small-scale processing, while young people are being employed as technicians responsible for maintaining the solar facilities.
For residents, electricity has become more than a public service; it has become an economic asset.
As local resident Mustafa Faye told visiting lawmakers, thst the village now resembles a growing town, attracting residents who work in Dakar but choose to live in Ndiob because of improved living conditions.
Ironically, the success of the Ndiob project has exposed one of renewable energy’s biggest challenges.
Demand is growing faster than supply, especially when more households now own refrigerators and electrical appliances, while businesses require greater power capacity than the original installation was designed to provide.
Residents complain of low voltage and irregular supply, making it impossible to operate high-energy equipment such as air conditioners and larger machinery.
But the problem is not peculiar to Senegal. Across West Africa, many mini-grid projects were initially designed as pilot schemes serving small populations. As communities expand and local economies improve, electricity consumption rises sharply, placing enormous pressure on existing infrastructure.
Battery storage remains another major constraint.
Solar energy is abundant throughout West Africa, but without sufficient storage capacity, electricity generated during the day cannot always meet evening demand when households and businesses consume the most power.
Operators also face high maintenance costs, logistical difficulties in reaching remote communities and the challenge of replacing specialised equipment.
The biggest obstacle may not be technology but investment. This is because renewable energy projects require significant upfront capital, while returns often take years to materialise. Rural communities with low incomes may also struggle to pay electricity bills consistently, especially during agricultural off-seasons.
This makes long-term sustainability difficult without continued support from governments, development finance institutions and private investors.
Recognising these challenges, lawmakers at the ECOWAS Parliament’s five-day delocalised meeting in Dakar adopted resolutions calling for accelerated deployment of decentralised renewable energy systems across the region.
The Parliament recommended stronger financing mechanisms, harmonised regulations, improved quality standards for renewable energy equipment and greater support for productive uses of electricity that generate income for rural communities.
The lawmakers also urged increased backing for ECREEE and renewed efforts to address financial challenges affecting the West African Power Pool (WAPP), the regional electricity integration project designed to enable cross-border power trading.
For many policymakers, sustainable rural electrification will depend on community ownership rather than government intervention alone.
Speaking after the field visit, ECOWAS Parliament Vice Chairman of the Committee on Infrastructure, Hon. Ahmed Munir, said renewable energy projects are already creating jobs and reducing poverty across rural communities.
According to Munir, lawmakers witnessed women producing and selling ice blocks, tailors expanding their businesses and young technicians maintaining solar installations.
“We saw prosperity, not just electricity,” he said.
Munir argued that communities should actively invest in renewable energy enterprises instead of waiting for governments or foreign investors to solve every problem.
His position reflects a growing consensus among energy experts that local participation increases project sustainability while creating stronger economic incentives for maintenance and expansion.
The experience in Ndiob demonstrates that electricity is not simply about switching on lights.
Reliable power supports cold storage for farmers, reduces post-harvest losses, improves healthcare delivery, strengthens education and creates opportunities for entrepreneurship.
Every additional connection has the potential to generate employment and stimulate local economies. The visit also exposed a broader reality confronting West Africa’s energy transition: solar panels alone will not solve the region’s electricity deficit.
Greater investment in battery storage, stronger transmission systems, local technical skills, supportive regulations and innovative financing models will all be required if renewable energy is to achieve its full potential.
West Africa possesses one of the world’s richest solar resources, but the challenge is no longer whether the region has enough sunshine.
The real question is whether governments, investors and communities can work together to transform that natural advantage into reliable electricity capable of powering homes, businesses and industries for generations to come.
If the lessons from Ndiob are any guide, the future is already taking shape. What remains is ensuring that the infrastructure grows as quickly as the ambitions of the people it serves.
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