House of Reps Probes 2026 Revenue Projections as NRS Aims for N40.7tn from Taxes and Royalties"

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The House of Representatives is closely scrutinizing Nigeria's projected revenue for the 2026 fiscal year, as the Nigeria Revenue Service (NRS) sets an ambitious target of N40.7 trillion from taxes, petroleum royalties, mineral revenues, and other sources.

This development came to light during a session before the House Committee on Appropriations, where NRS Executive Chairman Zach Adedeji appeared alongside members of President Bola Tinubu's economic team—including Finance Minister Wale Edun and Budget Minister Atiku Bagudu—to review 2025 budget performance and defend 2026 projections.

Key Details from the Session

Adedeji attributed the bold N40.7 trillion target primarily to ongoing tax reforms, which have expanded the NRS's mandate. These reforms transferred responsibilities for collecting petroleum royalties (previously handled by entities like the Nigerian Upstream Petroleum Regulatory Commission) and mineral royalties to the NRS. He expressed confidence in achieving the goal with legislative support, stating: "In light of the tax reforms transferring petroleum and mineral royalties and other revenues to the NRS, the total target for taxes, royalty and other minerals is N40.7 trillion."

Committee Chairman Abubakar Bichi emphasized the need for thorough scrutiny to ensure transparency, accountability, and realistic budgeting. Lawmakers sought clarifications on revenue assumptions, including improved oil output forecasts, the impact of reforms, and overall fiscal strategy amid Nigeria's push for economic diversification and reduced reliance on foreign funding.

This engagement is part of preparations for the 2026 Appropriation Bill, with the committee aiming to provide Nigerians clarity on how these ambitious revenue goals will fund government spending priorities.

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