The Nigeria Revenue Service (NRS), has projected N40.7 trillion target for this fiscal year.

The projected figure is N6 trillion more than the N34.3 trillion in the 2026 budget already assented to by President Bola Ahmed Tinubu.

Meeting the N40.7 trillion projection this year will mean that the NRS must outperform the Federal Government’s budgeted revenue estimate for the year.

It is expected that the new tax laws, if well implemented, will increase revenue along the line projected by the NRS.

NRS Executive Director, Government and Large Taxpayers Amina Kurawa, revealed the new projection during this year’s Leadership Retreat of the service in Abuja yesterday.

Finance Minister and Coordinating Minister of the Economy Wale Edun and NRS Executive Chairman Zacch Adedeji attended the event.

While Edun said NRS should be central to Nigeria’s economic strategy now that Overseas Development Assistance (ODA) and Foreign Direct Investment (FDI) inflows have dropped, Adedeji urged the service topshots to ensure that the projected revenue target was met.

During her presentation, Kurawa said revenue performance between 2021 and last year improved significantly, with collections rising by more than four times within the period.

She explained that while year-on-year growth is expected to remain positive, success will depend largely on stronger enforcement, broader compliance and improved operational efficiency under the new NRS framework.

Kurawa said oil revenue is expected to grow modestly by about 1.4 per cent this year if production levels remain stable and benchmark prices are lower.

She added that the projected revenue increase would come mainly from Company Income Tax(CIT) related to oil operations, as well as Petroleum Profits Tax(PPT) and Hydrocarbon Tax.

Why NRS must rev up revenue drive, by Edun

Edun frowned at a situation where Nigeria spends $163 billion on debt servicing and receives only $42 billion in ODA and about $97 billion in FDI.

Describing the situation as a harsh financial reality, the minister said: “When you add ODA and FDI together, total inflows came to $139 billion, which is still lower than the $163 billion paid out in debt service.”

The situation, according to him, “ means developing countries sent more money out than they received, leading to a net outflow of resources.”

He advised that ‘’internal fiscal effort and domestic revenue mobilisation must now be the main anchor of fiscal sustainability.”

NRS boss Adedeji told leaders of the service to abandon comfort, routine and old habits and rise to the demands of the present moment.

He said the NRS represents a clear departure from the past and marks the beginning of a new institutional era that requires new ways of thinking and leading.

How to make new tax laws work, by CITN

The Chartered Institute of Taxation in Nigeria (CITN) said yesterday that the success of the new tax laws would depend largely on how they are interpreted, implemented and communicated to taxpayers.

The institute described the ‘’new era as one that seeks efficiency, fairness, transparency and alignment with global best practices.

CITN President/Chairman of Council, Innocent Ohagwa, stated these during the presentation of practice licence certificates to tax professionals in Lagos.

Ohagwa said: “With the coming into force of the New Tax Reform Acts on 1 January 2026, Nigeria has entered a new tax era. These reforms are ambitious in scope, and their success will depend largely on how well they are interpreted, implemented and communicated by you and other stakeholders.”

Ohagwa reiterated the need for CITN members to embrace professionalism, integrity and competence in the discharge of their duties.

He added that “the new tax reform has strategically and ethically elevated the role of tax professionals, especially in Section 33(1) of the Nigeria Tax Administration Act, 2025, which provides that ‘a taxpayer may either represent itself or be represented by a tax agent accredited by the relevant tax authority.” (The Nation)