Adedeji outlines reform roadmap while finance minister urges stronger revenues to curb borrowing pressures…
The Nigerian Revenue Service generated N28.3 trillion in tax revenue in 2025, marking a 30 percent increase from the N21.7 trillion recorded in 2024 and exceeding the Federal Government’s target for the year.
Executive Director for Government and Large Tax at the Service, Hajiya Amina Kurawa, disclosed the figures in Abuja while presenting the agency’s 2025 performance during the NRS Leadership Retreat for senior management staff.
According to Kurawa, the revenue outturn surpassed the government’s target of N25.2 trillion by about 12 percent. A breakdown of quarterly performance showed the Service achieved 96.9 percent of its target in the first quarter, 129.7 percent in the second quarter, 131.9 percent in the third quarter, and 90.4 percent in the fourth quarter.
She noted that although collections slowed in the final quarter, overall performance remained strong, supported by improved tax compliance and increased voluntary filings.
Following the 2025 performance, the Federal Government has set a higher revenue target of N40.7 trillion for the Nigerian Revenue Service in the current fiscal year.
In his address, the Executive Chairman of the Service, Zacch Adedeji, outlined a strategic roadmap aimed at transforming the NRS into a modern and efficient revenue institution capable of strengthening Nigeria’s fiscal foundation.
Adedeji said the transition to the newly structured Nigeria Revenue Service represents a significant shift from past practices and would require a change in leadership mindset. He emphasised that institutional success would depend not only on strategy but also on leaders’ ability to confront what he described as “invisible beliefs” that influence decisions and outcomes.
He cautioned against potential “blockers” to reform, including excessive control, resistance to innovation, and dependence on outdated systems, stressing the need for empowerment, adaptability, and openness to drive sustainable institutional transformation.
Speaking virtually, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the importance of strengthening domestic revenue mobilisation in order to reduce reliance on borrowing, especially amid rising global interest rates and mounting debt service obligations.
Edun observed that global shocks such as the COVID-19 pandemic, the war in Ukraine, and ongoing trade tensions had increased borrowing pressures for many economies. He stressed that building sustainable revenue streams would be essential for reducing debt dependence and supporting critical infrastructure development.
The minister also encouraged Nigerians to prioritise locally produced goods and services, noting that stronger domestic consumption would support economic growth.
He further pointed out that developing countries collectively paid about $160 billion in debt service in 2024, compared with $42 billion in Overseas Development Assistance and $97 billion in Foreign Direct Investment, underscoring the urgency of achieving fiscal sustainability.
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