Nigeria’s tax revenue has risen by 113 per cent, from N12.3tn in 2023 to N27.1tn by July 2026, as the Federal Government intensifies efforts to expand the tax base and improve revenue collection.
The Nigeria Revenue Service (NRS) attributed the increase to the digitisation of tax administration, new tax reform laws, restructuring of the revenue service and measures to block revenue leakages.
The NRS said the increase in tax receipts was among several signs that the economy was gradually recovering from the pressure triggered by major reforms introduced by President Bola Tinubu’s administration.
It cited stronger crude oil production, higher foreign reserves, increased capital inflows and improved external balances as further indicators of economic recovery.
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Crude oil production rose from about 1.2–1.3 million barrels per day in 2023 to 1.73 million barrels per day by July 2026, representing 104 per cent of Nigeria’s OPEC quota.
External reserves also climbed to $51.9bn in July 2026, while capital inflows increased from $3.9bn in 2023 to $23.22bn in 2025, with another $10.37bn recorded in the first quarter of 2026.
The NRS also highlighted the growth of the Compressed Natural Gas programme, saying more than 100,000 vehicles had been converted to CNG, with over $2bn in investments and more than 10,000 jobs created.
Although Nigeria’s public debt rose to N159.28tn by late 2025, the debt-to-GDP ratio fell from 38 per cent in 2023 to 32.3 per cent in 2026.
The revenue service said the gains showed that the economy was moving towards greater stability but warned that sustained reforms would be necessary to consolidate the progress and ensure increased revenue translates into better public services and improved living standards.
