‎By Onu Okorie

‎

‎Nigeria Revenue Service NRS generated N21.6 trillion in revenue in the first six months of 2026, reflecting a sharp rise in government earnings driven by tax reforms, digitalisation and improved revenue collection mechanisms.

‎The figure was disclosed in the Economic Snapshot Report: 2023 vs 2026, which reviewed Nigeria’s economic performance under the administration of President Bola Tinubu.

‎According to the report, the country’s revenue profile has recorded consistent growth since the current administration came into office, rising from N12.3 trillion in 2023 to N21 trillion in 2024 and N28.3 trillion in 2025. The report noted that the N21.6 trillion realised in the first half of 2026 underscores the continued upward trend in revenue mobilisation.

‎It added that non-oil revenue contributed 76 per cent of the total collections, highlighting the government’s increasing reliance on non-oil sources to strengthen public finances.

‎The report further stated that the improved revenue performance had raised Nigeria’s tax-to-GDP ratio from 10.3 per cent to 13 per cent, attributing the gains to sweeping tax reforms, digitalisation of tax administration and changes in oil revenue remittances.

‎Among the key drivers identified were the rollout of digital tax systems, including the national e-invoicing platform for large taxpayers, and the implementation of four major tax reform laws that took effect on January 1, 2026. These include the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service Establishment Act and the Joint Tax Board Establishment Act.

‎It also credited the transformation of the former Federal Inland Revenue Service FIRS into the Nigeria Revenue Service NRS, saying the restructuring consolidated non-tax revenue streams previously collected by other government agencies into a single revenue collection framework.

‎In addition, the report highlighted the impact of Executive Order 9, signed in February 2026, which it said increased monthly Federation Account receipts by 60 per cent. Monthly receipts rose from N1.8 trillion in February to N2.88 trillion in March after the order closed deduction loopholes in upstream oil revenue remittances.

‎The report maintained that the reforms have strengthened government revenue generation and enhanced fiscal sustainability while broadening the country’s non-oil revenue base.