Nigeria’s Tax Revenue Hits ₦27.1 Trillion as Collections More Than Double Since 2023

Nigeria’s tax collections have surged to ₦27.1 trillion by July 2026, more than doubling the ₦12.3 trillion recorded in 2023, according to the Nigeria Revenue Service (NRS).

The revenue service attributed the sharp increase to the digitisation of tax administration, the implementation of four new tax reform laws and internal changes aimed at improving revenue collection and reducing leakages.

The NRS said the stronger tax performance is part of a wider improvement in the country’s economic position. It pointed to increased oil production, higher external reserves and improved trade figures as other indicators of progress.

The revenue agency also said efforts to identify and close loopholes in the tax system have contributed significantly to the rise in collections. The reforms are aimed at making tax administration more efficient while bringing more economic activities into the formal revenue system.

However, there is a discrepancy in how the increase has been calculated. The NRS described the growth as 113 per cent, but the published figures of ₦12.3 trillion in 2023 and ₦27.1 trillion by July 2026 indicate an increase of approximately 120 per cent.

The latest figures point to a significant expansion in the government’s revenue base at a time when Nigeria is pursuing reforms designed to strengthen public finances and reduce dependence on oil revenue.

But higher tax collections alone do not necessarily translate into better living conditions. The key issue for Nigerians will be whether the additional revenue is effectively converted into improved infrastructure, healthcare, education, security and other essential public services.

The development therefore raises a broader question about Nigeria’s tax reforms: can the government turn record revenue collections into tangible improvements in the lives of citizens?