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Nigeria Targets N40.7tn Revenue in 2026 as Adedeji Defends Tax Reform Gains

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By Gloria Ikibah

Nigeria is setting its sights on a projected N40.7 trillion in taxes, royalties and mineral revenues for 2026, following sweeping tax reforms that have expanded the mandate of the National Revenue Service (NRS).

The Executive Chairman of the NRS, Zach Adedeji, disclosed the ambitious target on Wednesday when he appeared before the House Committee on Appropriations alongside members of the President’s Economic Team, including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Minister of Budget and National Planning, Atiku Bagudu.

The session focused on reviewing the performance of the 2025 budget and examining proposals for 2026.

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Adedeji explained that recent reforms transferring petroleum and mineral royalties, along with other revenues, to the NRS had significantly broadened the agency’s scope.

“In the light of the tax reforms that transfer petroleum and mineral royalty and other revenue to the NRS, the total target for taxes, royalty and other minerals is 40.7 trillion.

“We believe that with the support of the House that we would be able to achieve what we propose,” he said.

The NRS chief detailed what he described as a strong performance in 2025.

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“For the year 2025, the revenue target for the service was 25.2 trillion, an increase of 3.5 trillion compared to actual revenue collected in 2024. The service has succeeded in 2025 target by collecting 28.23 trillion. This is due to exceptional performance from non oil taxes.

“Non oil taxes exceeded their target by collecting 21.46 trillion an increase of 3.4 trillion. Meanwhile oil taxes fell short of the target by 5.2 percent. Overall the service exceeded it’s target by 3 trillion which is 12 percent compared to the target we had for 2025.

“When you compare 2025 performance to 2024, the service collected 6.5 trillion more what we did in 2024. That is an increase of 30.3 percent. This is driven significantly by non oil taxes”, he added.

Looking ahead, he said projections for 2026 are built around improved oil output forecasts.

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“For the 2026 target in the light of the forecast that we have for oil, from that 25.2 trillion that we did last year, we forecasted that we would do 32.14 trillion for 2026 which is N3.85 trillion higher than the actual collection in 2025. The increase is forecast on oil related fo non oil is due to higher production forecast from N1.7 million per day in 2025 to 1.8 million barrels per in 2026″, the NRS boss noted.

During the session, lawmakers questioned the reported zero capital performance in the 2025 budget, pressing the economic team for explanations.

Finance Minister Wale Edun said the current administration inherited a fragile fiscal structure marked by heavy reliance on ways and means financing to cover large deficits, alongside fuel subsidy funding arrangements managed through the national oil company.

He described the approach as unsustainable and said corrective measures were necessary to restore macroeconomic balance. According to him, President Bola Tinubu halted unchecked ways and means financing, which had reached N30 trillion, a move he said was essential for stability, though it created a sizeable funding gap.

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He added that the specific issue of capital performance in the 2025 budget had been delegated to the Minister of State for Finance, who has been invited to appear before the committee.

Budget and National Planning Minister, Atiku Bagudu explained that previous engagements with the National Assembly resulted in an agreement to roll over 70 per cent of the 2025 capital expenditure into 2026.

On budget performance reporting, he noted that his ministry relies on data from the Office of the Accountant General and the Ministry of Finance.

“Steps are being taken. The president has demonstrated that he has issued an executive order which we believe is consistent with the agreement reached that 2026 budget that will be coming will have chances of of it being better funded would be put in place,” he said.

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Chairman of the House Committee on Appropriations, Rep. Abubakar Bichi, said the engagement was necessary to enable lawmakers properly scrutinise the 2026 Appropriation Bill.

“This is for us study and consider and approve the request. We decided to engage the team of the president to discuss the previous performance of the 2025 as well as the proposed 2026.

“We have do decided to engage the NRS Chairman to shed more light on the revenue in terms of the 2026 projections. In 2025 we have achieved about 28 trillion from our revenue, from the target of 25 trillion.

“We need to have more information from you so that Nigerians can know what is going on”, he stated.

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As deliberations continue, the spotlight now turns to whether the ambitious 2026 revenue projections — and the broader fiscal reforms underpinning them can translate into sustained economic stability and improved public finances.

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Video: New FCT CBD Bus terminal set to begin operations in September

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This is Central Business District (CBD) Bus Terminal, Eagle Square, Abuja.

It will become operational in September.

Watch:

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Akinboro seeks probe into NBA election as Badejo-Okusanya urges unity

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A former General Secretary of the Nigerian Bar Association (NBA), Olumuyiwa Akinboro (SAN), has called on the Department of State Services, Economic and Financial Crimes Commission (EFCC) and other relevant security agencies to investigate the conduct of the recently conducted NBA national officers’ election, describing the exercise as a “sham” riddled with constitutional breaches.

In a 41-page statement, Akinboro, who was also a presidential candidate, urged the agencies to probe alleged infractions, including possible violations of the Cybercrimes Act and the Data Protection Act.

Akinboro said he declined to approach the NBA appeals committee, saying that the legitimacy of the election itself was in question.

He alleged that the election was compromised by irregularities, such as migration between voting portals, failure to conduct integrity tests and non-compliance with stipulated guidelines.

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“Immediately the election was migrated to a different portal, it became a different election altogether that would require strict compliance with the step-by-step requirements as provided in our constitution,” he said.

He maintained that the absence of mandatory trial runs and integrity checks undermined the credibility of the process, adding that he would not “legitimise” the jurisdiction of the appeals committee under such circumstances.

The senior advocate further demanded an independent forensic audit of the entire electoral process, recommending that reputable firms be engaged to determine issues, such as the authenticity of reported cyber-attacks, compliance with electoral guidelines, and whether unqualified persons participated in the voting.

He also called for scrutiny of the use of multiple voting links, the failure of some voters to receive authentication codes, and the role and qualifications of service providers.

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Akinboro, who urged the NBA leadership to make public reports of the election observers, including those from international bodies and local institutions, further called for the immediate reconstitution of the Electoral Committee of the NBA to conduct a fresh election in line with constitutional provisions, as well as an urgent stakeholders’ meeting involving the Body of Benchers, General Council of the Bar, and past NBA leaders.

He warned that failure to address the concerns raised could compel him to explore further legal options.

Meanwhile, President-elect of the NBA, Oyinkansola Badejo-Okusanya, has pledged to heal divisions within the legal profession and unite members of the Association as she prepares to assume office at the end of August.

Badejo-Okusanya, while speaking with journalists after paying a courtesy visit to President Bola Tinubu at the Presidential Villa, Abuja, said her immediate priority was to engage members and stakeholders across the Bar with a view to fostering reconciliation, addressing grievances and strengthening institutional cohesion.

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She assured members that her administration would be inclusive and committed to carrying every segment of the Association along.

The NBA president-elect said she would spare no effort in restoring confidence and ensuring the Association remained united and effective in discharging its responsibilities to the legal profession and the wider society.

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State police will address emerging threats, says IG

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The Inspector General of Police (IGP), Olatunji Disu, yesterday reiterated his support for ongoing debate on state policing, saying it would bring practical solutions to Nigeria’s evolving security challenges.

Disu spoke at the Force Headquarters, Abuja while playing host to the Commandant and participants of Course 34,National Defence College (NDC), who presented a research paper on state policing, police reforms, and command and coordination protocols.

The IGP said the recommendations on state police provided a useful foundation for future reforms, adding that comparative analysis of countries with decentralised police systems offers valuable lessons for Nigeria.

Disu reaffirmed the Nigeria Police Force’s commitment to sustained reforms and closer collaboration with the college and other strategic institutions. He said this would strengthen policing, enhance internal security and support national development.

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He described the research as timely, insightful and relevant to the country’s current security realities. He praised the officers for blending academic scholarship with practical policing experience.

The delegation was led by the Commandant of the College, Rear Admiral Abdullahi Ahmed. He said the study was undertaken by police officers on the course as part of efforts to contribute to national security policy and community policing.

Ahmed said the research was carried out independently by the officers. Faculty members only provided academic guidance and methodological support.

He said the participants relied on their professional experience, critical thinking and research to produce recommendations for strengthening Nigeria’s internal security architecture through 2035. He expressed optimism that the findings would improve the Nigeria Police Force’s operational effectiveness against emerging security threats.

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Separately, a broad consensus for state police emerged at the First Daily Sixth Anniversary National Dialogue on Security in Abuja, where former Chiefs of Defence Staff (CDS), Generals Martin Luther Agwai (retd.) and Lucky Irabor (retd.); former Bayelsa State Governor, Senator Henry Seriake Dickson; Bayelsa State Governor, Senator Douye Diri, joined other stakeholders in calling for state police, emergency funding for security agencies and far-reaching security reforms.

The dialogue, held at the Shehu Musa Yar’Adua Centre, was themed “Declaration of State of Emergency on Security: Matching Words with Action”.

Delivering the keynote address, Irabor said the declared state of emergency on security must be backed by decisive action and not a mere statement of intent.

He urged the Federal Government to substantially increase funding for the armed forces and other security agencies, establish state police based on global best practices, and develop Nigeria’s military-industrial complex to reduce dependence on foreign defence capabilities.

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Civil society organisations (CSOs) also advised the Federal Government to ensure ongoing reforms addressed governance, economic and social problems driving violence across the country in order for state police to have meaningful effect.

The rights groups made the call during a webinar titled “Insecurity and State Policing in Nigeria: The Way Forward,” organised by the Corporate Accountability and Public Participation Africa (CAPPA), with the Rule of Law and Accountability Advocacy Centre (RULAAC) and Africana League also taking part.

Irabor also called on Nigerians to support security agencies through vigilance, accountability and active citizenship.

Dickson blamed the collapse of Nigeria’s internal security system for the military’s overstretch across the country, saying the armed forces had been drawn into responsibilities beyond their primary constitutional mandate of defending Nigeria’s territorial integrity.

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“The military’s primary responsibility is territorial integrity. Internal security was only meant to be a subsidiary mandate, but it has now become the main focus because the military is deployed everywhere,” he said.

He argued that Nigeria’s security challenges could not be solved through military deployment alone, calling instead for comprehensive security reforms and stronger legislative measures.

“It’s not just military, military, military. It’s better to fight the causes of criminality,” he said, adding that Nigeria needed more robust national dialogue on security.

Agwai, co-chairman of the dialogue, said the country’s security challenges had evolved into complex internal threats requiring a whole-of-society response involving government, the media, communities and citizens, not just the military and security agencies.

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Representing Diri, the Secretary to the State Government (SSG), Prof. Nimibofa Ayawei, renewed the governor’s call for constitutional reforms to give state governors greater authority over security. He noted that governors were held accountable by citizens despite lacking operational control over the police. He described the ongoing constitutional amendment process as an opportunity to establish state police and devolve security responsibilities to states.

Development lawyer, Frank Tietie, called for emergency funding for security institutions, saying extraordinary threats demanded extraordinary financial commitment, while backing legislative efforts to establish state police with strong accountability mechanisms.

Political analyst, Mojeed Dahiru, stressed that national unity, and respect for Nigeria’s multi-religious character, were critical to security.

First Daily Publisher, Dr Daniel Iworiso-Markson, said the dialogue was designed as a non-partisan platform to generate practical solutions to Nigeria’s security crisis, urging participants to embrace intelligence-led, technology-driven reforms against terrorism, kidnapping and banditry.

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Participants agreed that reversing Nigeria’s security challenges would require stronger institutions, increased investment, constitutional reforms, better intelligence gathering and sustained collaboration between government, security agencies and citizens.

During the webinar, the CSOs argued that policing reforms would achieve little without addressing poverty, unemployment, corruption, weak institutions and political exclusion.

RULAAC’s Executive Director, Okechukwu Nwanguma, said insecurity should not be viewed merely as a policing problem, adding that governance failures were the root causes of crime and violence. He said decentralising policing could improve the response to local security threats but would not resolve Nigeria’s security crisis without broader governance reforms.

“Police can respond to crime, but they cannot eliminate the structural conditions that produce it. No restructuring of police institutions alone will solve Nigeria’s security crisis,” Nwanguma said.

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He warned that state police could become another tool for abuse without strong accountability measures, calling for national standards on recruitment, training and discipline, operational independence from partisan political influence, independent civilian oversight, transparent complaints mechanisms, sustainable funding, and legal safeguards against the use of state police for electoral intimidation or political repression.

The Executive Director, Africana League, Dr Glory Ukwenga, said any state policing framework that excludes young people would be incomplete, noting that youths make up over 70 per cent of Nigeria’s population and were among the groups most affected by insecurity. She called for youth representation on state police service commissions, police-community relations committees and security advisory councils, alongside structured consultations with youth organisations during the reform process.

She also recommended youth-focused recruitment, civic education programmes and digital platforms to let young people report security concerns.

CAPPA’s Executive Director, Akinbode Oluwafemi, said discussions on state police should focus not only on decentralisation but on the type of policing Nigeria intends to build, arguing that policing should be community-oriented, rights-based and accountable to citizens rather than an instrument of political control. He said poor access to education, healthcare, water, electricity, roads and employment continues to fuel insecurity, stressing that these challenges must be addressed alongside security reforms.

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He warned against rushing constitutional amendments, saying Nigeria should first address weaknesses in existing security agencies before creating new policing structures.

The speakers agreed that establishing additional police forces would not, on its own, resolve Nigeria’s security challenges. They urged the Federal Government and the National Assembly to ensure that any state policing arrangement strengthens democratic governance, protects human rights and promotes accountability, instead of creating fresh opportunities for political interference and abuse.

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