The Nigeria Revenue Service (NRS) said it recorded a total tax collections of N27.1trn in seven months of 2026.
NRS chairman, Dr. Zacch Adedeji, stated this while appearing on a Channels TV Politics Today programme.
He said the tax-to-Gross Domestic Product (GDP) ratio moved to 13 per cent from 10.3 per cent, based on the ongoing tax reforms of the incumbent administration.
He added that Nigeria has emerged from a difficult period of economic adjustments and is now recording strong signs of recovery and accelerated growth.
‘The Service’s tax collection has doubled due to the digitisation of tax systems, the four new tax reform laws, the transformation of the revenue service, and an executive order that closed loopholes in the system,’ he said.
The NRS had declared N12.3 trillion total tax collections in 2023, N21 trillion in 2024, and N28.3 trillion in 2025.
He noted that Nigeria’s debt-to-GDP was on a decline as a result of economic growth, which has moved from 2.74% in 2023 to 3.8% in the first half of 2026, while external reserves moved from an unrestricted $3.99 billion in 2023 to a 17-year high of $51.9 billion as of July 2026.
He added that the country’s balance of payments had moved from a $3.34 billion deficit to a $2.38 billion surplus in the first quarter of 2026.
He explained that Nigeria was witnessing a more stable macroeconomic environment due to ongoing financial sector reforms and tighter monetary management.
According to him, the exchange rate stability, moderating inflationary pressures, and improving liquidity conditions have enhanced business confidence, thereby allowing companies to make longer-term investment decisions with greater certainty.
He said, ‘Nigeria’s economy is showing strong signs of full recovery and accelerated growth following a series of necessary reforms by the current administration. The economy has moved decisively from acute macroeconomic distress to a more stable and increasingly resilient footing.
‘This is as a result of President Bola Tinubu’s economic management acumen and doggedness in implementing his reforms as part of his Renewed Hope Agenda for the country.’
President Tinubu had in 2023 announced major economic reforms that include fuel subsidy removal, foreign exchange reform, reduction in Central Bank of Nigeria (CBN) deficit financing, and tax reform, among others.
Speaking further on the economic recovery, Adedeji noted that the banking sector recapitalisation had strengthened the financial system’s capacity to support large-scale corporate financing, adding that the ongoing tax reforms had simplified administration and broadened the revenue base.
‘These reforms have improved the overall business climate and reduced structural inefficiencies as well as enhanced the operating environment for capital-intensive and export-oriented firms by improving market efficiency, strengthening macroeconomic stability, and increasing investor confidence,’ he stated.
The NRS boss affirmed that comprehensive structural reforms embarked by the President Bola Tinubu Administration had translated into measurable improvements in corporate financial performance through stronger market fundamentals and a more predictable business environment.
‘The resulting improvements in operational efficiency, financial transparency, and investment planning provide a clear economic explanation for the substantial increases in both revenue and earnings before tax recorded by many of the companies in this dataset,’ he added.
On assumption of Office in May 2023, the NRS Chairman said President Tinubu inherited ‘four mutually reinforcing distortions – a fiscally unsustainable fuel subsidy regime, an opaque forex system that discouraged investment, a non-performing oil sector, and a tax base far below its potential’.
The economic indices, he pointed out, showed significant recovery as evident in retreating inflation rates, balance of payments swinging from deficit to surplus, first-ever net petrol export, doubling of tax collections in nominal terms, and the reshaping of the country’s productive base.