Nigeria’s tax revenue more than doubles after reforms
Nigeria’s tax revenue has more than doubled, with collections rising sharply in recent years. The Nigeria Revenue Service credits this growth to digitisation, new tax laws, and reforms under President Bola Tinubu. The country has also seen improvements in oil production, external reserves, and investor confidence. Despite these gains, the report notes that the reforms have come with significant economic challenges.
TLDR
- Tax collections rose from N12.3tn in 2023 to N27.1tn as of July 2026, a 113% increase.
- The NRS attributes this surge to digitisation, four new tax reform laws, and an executive order closing loopholes.
- Crude oil production grew from 1.2–1.3 million barrels per day in 2023 to 1.73 million barrels per day by July 2026.
- Nigeria’s external reserves increased from $3.99bn in 2023 to $51.9bn as of July 2026, reaching a 17-year high.
- The debt-to-GDP ratio declined from 38% in 2023 to 32.3% in 2026, marking the first sustained reduction in over a decade.
