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Category: FEDERAL REVENUE

  • NRS Targets N40.7tn Revenue from 2026 Tax Reforms — Adedeji

    NRS Targets N40.7tn Revenue from 2026 Tax Reforms — Adedeji

    The Executive Chairman of the National Revenue Service, Mr Zach Adedeji, has said Nigeria’s 2026 tax reforms have positioned the service to generate N40.7 trillion in taxes and royalties.

    Adedeji disclosed this on Wednesday in Abuja while speaking at a roundtable organised by the House of Representatives Committee on Appropriations for key stakeholders in the financial sector.

    According to him, the projected revenue reflects the impact of recent reforms that transferred petroleum and solid mineral royalties, alongside other revenue streams, to the National Revenue Service.

    “In light of the tax reforms transferring petroleum and mineral royalties and other revenues to the NRS, the total target is N40.7 trillion,” Adedeji said.

    “We believe that with the support of the House, we will achieve what we have proposed.”

    Strong 2025 Performance

    The NRS chairman also highlighted the agency’s strong performance in 2025, noting that it exceeded its revenue target by a wide margin.

    He said the service generated N28.23 trillion in 2025, surpassing its target of N25.2 trillion.

    “Compared with 2024, we collected N6.5 trillion more in 2025, representing a 30.3 per cent increase, driven largely by non-oil taxes,” he stated.

    Finance Minister Explains Reform Rationale

    The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said Nigeria had previously relied heavily on Ways and Means financing to cover large fiscal deficits.

    He added that the Nigerian National Petroleum Company had been funding petrol subsidies through an under-recovery arrangement, which he described as unsustainable.

    Edun said the government was compelled to address these structural distortions and replace them with market-based solutions, leading to the current wave of fiscal and tax reforms.

    Lawmakers Seek Clarity on Revenue Projections

    The Chairman of the House Committee on Appropriations, Rep. Abubakar Bichi (APC–Kano), said the roundtable was organised to allow lawmakers to engage directly with the presidential economic team on the 2026 Appropriation Bill.

    “This is for us to study, consider and approve the request. We decided to engage the President’s team on 2025 performance and the 2026 proposal,” Bichi said.

    He added that lawmakers also engaged the NRS leadership to gain clarity on the ambitious 2026 revenue projections.

    “In 2025, we achieved about N28 trillion against a N25 trillion target. We need more information so Nigerians can understand what is going on,” he said.

  • NNPCL Responds to Senate Querries on Unaccounted N210Trn

    NNPCL Responds to Senate Querries on Unaccounted N210Trn

    Senate Committee Promises to Critically Examine Responses

    The Senate Committee on Public Accounts has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has responded to all 19 audit queries raised against it over the alleged unaccounted ₦210 trillion.

    The queries were contained in the Auditor-General’s reports covering 2017 to 2023.

    Chairman of the Committee, Senator Aliyu Wadada (Nasarawa West), disclosed this on Tuesday while addressing journalists shortly after plenary at the National Assembly in Abuja.

    He explained that while the NNPCL management had earlier requested additional time to compile and submit comprehensive responses, the committee has now received all the required documents and explanations from the company.

    “While we were on recess, the management of NNPCL wrote to the committee requesting an extension of time to enable them compile data and respond comprehensively to the questions we raised and we granted that request,” Wadada said.

    “They have since responded, and we now have answers to all 19 questions we sent to them.

    Please Read: National Oil Assets: Are the Buccaneers Coming?

    However, the report is yet to be presented before the committee. That is why, as chairman, I have refrained from making any public statement on the matter until it is properly laid before members.

    But let me assure you, as I promised earlier on behalf of the committee, we will do justice to the matter,” he added.

    The Senate Committee had, on July 29, given the NNPCL’s Group Chief Executive Officer, Engr. Bayo Ojulari, a three-week deadline to respond to the 19 audit queries relating to the alleged unaccounted funds in the company’s books.

    Senator Wadada further revealed that beyond the audit queries, the committee will also scrutinize other emerging issues involving NNPCL operations, including the cost structure and revenue sharing formula in production sharing contracts (PSCs) between Nigeria, the national oil company, and international oil companies (IOCs).

    “The first of such issues is production sharing contracts, specifically, the production cost to Nigeria, which must be clearly defined.

    The public deserves to know what portion goes to NNPC, what goes to the IOCs, and what accrues to the government under these arrangements,” he said.

    He also expressed concern over reports that NNPC Retail, one of the corporation’s subsidiaries, has declared a loss, describing the situation as “difficult to understand.”

    “This development is of concern to us and to the public. We find it difficult to understand why NNPC Retail should record a loss, but we will seek clarification when the corporation appears before us,” the senator noted.

    Sen. Wadada assured Nigerians that the Senate Committee on Public Accounts will conduct a thorough and transparent review of the NNPCL’s submissions and make its findings public in due course.

    “As far as the audited financial statements are concerned which cover the period between 2017 and 2023 NNPC has submitted its responses to the 19 questions we asked. Nigerians and the media will be informed of the contents in due course.

    Out of those answers, the ones that make sense and those that do not will be evident to the public,” he stated.

    The Senate’s probe into NNPCL’s accounts is part of a broader effort to enhance fiscal accountability, transparency, and oversight of public corporations handling Nigeria’s strategic economic assets.

  • FIRS gets plaudits from NASS for collecting N21.6trn in tax revenue

    FIRS gets plaudits from NASS for collecting N21.6trn in tax revenue

    The amount collected is N2.2trillion higher than the N19.4trillion collection target the Federal Inland Revenue Service (FIRS) set for itself for 2024.

    The National Assembly has therefore, lauded the Executive Chairman of FIRS, Mr Zacch Adedeji, for exceeding the 2024 revenue collection target of N19.4 trillion.

    FIRS generated N21.6 trillion, surpassing the target by N2.2 trillion.

    The commendation came during a meeting on Wednesday in Abuja, where the FIRS chairman appeared before the joint committee on Finance to defend the service’s revenue projections for 2025.

    The committee proposed a N25 trillion revenue generation target for FIRS in the coming fiscal year.

    Deputy Chairman of the House of Representatives Committee on Finance, Saidu Abdullahi, was the first to commend Adedeji’s performance, calling it “unprecedented” and “worthy of commendation.”

    “The feat achieved by FIRS in revenue collection for 2024 was unprecedented and truly commendable.

    “Surpassing the target set for the agency in the 2024 Appropriation Act, from N19.4 trillion to N21.6 trillion, is both encouraging and impressive,” he said.

    READ ALSO: New tax bill will ease burden on workers – FG replies NLC

    He encouraged the FIRS to study the tax collection methods of South Africa, which generated higher tax revenue, and to focus on expanding the taxable base to include more informal sector workers.

    Sen. Joel Onowakpo emphasised that tax collection was a global norm, and advised the committee to raise FIRS’s projected 2025 revenue target to N30 trillion.

    Similarly, Sen. Binos Yeroe lauded Adedeji’s innovative approach in surpassing the 2024 target.

    “Your performance in 2024 was highly commendable, and I hope you continue to maintain this level of success,” he said.

    Rep. Etanabene Benedict suggested aiming for N60 trillion in 2025 to avoid borrowing.

    Committee chairmen also supported the proposed N25 trillion revenue goal for 2025; with Sen. Sani Musa stating that it was both “achievable and surpassable.”