 says tax collections have doubled in less than three years., rising from N12.3trn in 2023 to N27.1trn){kind=link}
Tax Revenue Doubles to N27trn – NRS
The Nigeria Revenue Service (NRS) says tax collections have more than doubled in less than three years, rising from N12.3 trillion in 2023 to N27.1 trillion as of July 2026.
The agency attributed the sharp increase to digitisation, new tax laws, and reforms under President Bola Tinubu’s administration.
“Tax collections more than doubled from N12.3tn in 2023 to N27.1tn as of July 2026 with the digitisation of tax systems, four new tax reform laws, the transformation of the revenue service and an executive order that closed loopholes in the system,” the NRS said in its internal report.
The report argued that Nigeria had moved “decisively from acute macroeconomic distress toward a more stable and increasingly resilient footing.”
It identified four distortions inherited by Tinubu: an unsustainable fuel subsidy, an opaque forex system, a non-performing oil sector, and a small tax base.
Despite initial difficulties, the NRS said major indicators had begun to improve. It cited falling inflation, a turnaround in the balance of payments, increased crude oil production, Nigeria’s emergence as a net exporter of petroleum products, and the doubling of tax collections as evidence of recovery.
The report highlighted other gains, including a doubling of the minimum wage between 2023 and 2026 and a decline in out-of-school children from 20 million to 18.3 million, according to UNICEF.
It also noted that crude oil output rose to 1.73 million barrels per day by July 2026, equivalent to 104% of Nigeria’s OPEC quota.
Nigeria’s external reserves climbed from $3.99 billion in 2023 to $51.9 billion in July 2026, a 17-year high. Market capitalisation of the Nigerian Exchange also surged from N30.36 trillion in 2023 to N161 trillion in 2026, reflecting stronger investor confidence.
The NRS acknowledged that total debt stock rose to N159.28 trillion by late 2025, but stressed that the debt-to-GDP ratio had declined to 32.3% in 2026.
“The combination of higher tax collections, increased oil production, stronger capital inflows, rising reserves and improved trade positions points to an economy gradually emerging from severe pressures,” the report concluded.