The Nigeria Revenue Service generated N21.6 trillion in the first half of 2026, representing a 49 per cent year-on-year increase.
According to figures in the Economic Snapshot Report 2023 vs 2026, which reviewed Nigeria’s economic performance since President Bola Tinubu assumed office in May 2023, the increase in generation is driven by sweeping tax reforms, digitalisation of tax administration and changes to oil revenue remittances as well as other policy reforms implemented over the past three years.
Details of the report showed that total tax collections rose from N12.3 trillion in 2023 to N21 trillion in 2024 and N28.3 trillion in 2025, while the N21.6 trillion generated in the first six months of 2026 represented a 49 per cent increase over the corresponding period of 2025.
It also stated that non-oil revenue accounted for 76 per cent of total collections, while Nigeria’s tax-to-GDP ratio improved from 10.3 per cent to 13 per cent.
The report attributed the revenue growth to the digitalisation of tax administration, the implementation of four tax reform laws, the expansion of the Nigeria Revenue Service’s mandate, and Executive Order 9, which changed the remittance process for oil revenues and the FIRS to NRS transformation.
Sustained investment in staff training, recruitment, and digital tools under the current leadership was said to have also contributed to the agency’s record collections.
Beyond revenue mobilisation, the report highlighted broader economic changes since May 2023, noting that external reserves rose from $3.99 billion to $50.11 billion, crude oil and condensate production increased from 1.2-1.3 million barrels per day to 1.9 million barrels per day, while domestic refining capacity expanded from 30,000 barrels per day to 700,000 barrels per day, enabling Nigeria to record its first net petrol export in March 2026.
It also stated that annual capital importation increased from $3.9 billion in 2023 to $23.22 billion in 2025, while the Nigerian Exchange’s market capitalisation grew from N30.36 trillion to N155 trillion.
