Tax revenue hits N27tn after 113% surge – Report

Nigeria's revenue has surged by 113% in less than three years, reaching N27.1tn by July 2026 according to the Nigeria Revenue Service (NRS). The service credited the growth to digitisation of the tax system, four new tax reform laws, transforming the revenue service, and an executive order closing loopholes. President Tinubu's administration inherited four major economic distortions which had undermined revenue and growth, including a fuel subsidy regime, opaque forex system, non-performing oil sector, and a tax base far below its potential.

The reforms initially caused economic difficulties but led to falling inflation, improved balance of payments, increased crude oil production, Nigeria becoming a net exporter of petroleum products, and a more than doubling of tax collections. The NRS also highlighted the naira-for-crude arrangement with refineries, increasing crude oil production, expansion of the compressed natural gas programme, and improvements in the capital market.

External reserves rose to a 17-year high of $51.9bn, and the balance of payments shifted from a deficit to a surplus. Improved investor confidence, increased capital importation, and a growing pool of domestic institutional investment contributed to the economic recovery.