By Sandra Micheals
The Executive Chairman of the National Revenue Service, Zach Adedeji, says in the light of the tax reforms, the total target for taxes, royalty and other minerals is 40.7 trillion naira of 2026.
This he made known when the economic team of the President including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, including the Minister of Budget and National Planning Atiku Bagudu, appeared before the House Committee on Appropriation on Wednesday.
Adedeji said for the year 2025, the revenue target for the service was 25.2 trillion naira, an increase of 3.5 trillion naira compared to actual revenue collected in 2024, revealing that the service has succeeded in 2025 target by collecting 28.23 trillion naira.
For 2026, he said the increase is forecast on oil related revenue to non-oil is due to higher production forecast from 1.7 million per day in 2025 to 1.8 million barrels per in 2026.
In his submission, Minister of Finance and Coordinating Minister of the Economy, Wale Edun,
Edun said before the administration of President Bola Tinubu there was a heavily reliance on ways and means financing to cover large fiscal deficit while NNPC funded the petrol subsidy through and under recovery arrangement.
Minister of Budget and National Planning, Atiku Bagudu, said in various sessions with the National Assembly, one of the agreements was to move 70 percent of the capital for 2025 into 2026.
Chairman of the House Committee on Appropriations, Abubakar Bichi, said it was necessary to have the interaction with the team in respect of the 2026 appropriation bill
