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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.
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.
“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.
“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.
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.
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.
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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Europe on fire: Over 300,000 dislocated from their homes
Over 300,000 people have been dislocated from their homes as devastating wildfires continue to sweep across Spain and parts of France, forcing mass evacuations and prompting the Spanish government to declare a national emergency.
Reports indicate that the fires have spread rapidly around Madrid and along Spain’s eastern coast, with new data showing that the rate of land burned across Europe has increased by 57 percent over the past four years.
According to the World Health Organisation (WHO) European Region, nearly 10,000 hectares have been destroyed in the Madrid region, while between 13,000 and 15,000 hectares have been consumed in the neighbouring Ávila province. Spain’s Interior Ministry also confirmed that the number of wildfires recorded in Spain and Portugal has more than doubled compared to the previous year.
The head of Madrid’s regional government described the current blaze as the worst ever experienced in the area.
In France, about 63,000 residents have been evacuated from the southern part of the country as multiple wildfires continue to burn simultaneously, destroying about 80 homes. France has requested international firefighting assistance through the European Union’s Civil Protection Mechanism.
WHO Europe noted that wildfires destroyed 2.2 million hectares of land across the region in 2025, up significantly from 1.4 million hectares in 2022, reflecting the impact of rising global temperatures.
Environmental campaign group 350.org said the crisis exposes the enormous cost of delaying action on fossil fuels.
Its global campaigner, Soraya Fettih, who lives near Bordeaux, said she was evacuated from her home as the fires approached the suburbs, describing skies filled with smoke and ash and communities forced to flee.
She criticised governments for continuing to subsidise fossil fuel companies while residents bear the cost of climate disasters. Fettih also pointed to TotalEnergies’ reported $11.2 billion profit in six months, saying communities are paying twice—through climate destruction and public funding that continues to support companies profiting from fossil fuels.
350.org noted that TotalEnergies recorded an adjusted net income of $6.03 billion in the second quarter of 2026, a 68 percent increase from the same period last year, largely due to stronger refining margins. The organisation stressed that while the full economic cost of the 2026 wildfire season is yet to be determined, the fires are being intensified by global warming linked to fossil fuel use.
It urged European governments to impose higher taxes on fossil fuels and introduce climate damage taxes on oil and gas profits to fund emergency response, recovery efforts and long-term resilience.
Meanwhile, the European Union has intensified support for both Spain and France. The European Commission confirmed that France has received five firefighting aircraft and two helicopters from the Czech Republic, Croatia, Portugal, Slovakia and Sweden, while additional helicopters from Germany and firefighting aircraft from Turkey are expected to join operations.
Spain has received six firefighting aircraft from Greece, Italy and Turkey, alongside three Portuguese ground teams made up of 134 firefighters and 41 vehicles. The Commission said the assistance is being coordinated and financed through the EU Civil Protection Mechanism.
EU Crisis Commissioner Hadja Lahbib said no country should have to face a disaster of such magnitude alone, assuring the people of France and Spain that Europe would continue to stand with them until the fires are fully extinguished.
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Video: New FCT CBD Bus terminal set to begin operations in September
This is Central Business District (CBD) Bus Terminal, Eagle Square, Abuja.
It will become operational in September.
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Akinboro seeks probe into NBA election as Badejo-Okusanya urges unity
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.
“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.
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.
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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