Tax Revenue Jumps 49% to N15.8 Trillion in First Five Months of 2026
By Aboki Forex —
Nigeria's fiscal position improved sharply in the first five months of 2026. Total tax revenue rose 49 percent year-on-year to N15.8 trillion. The figure beat the baseline growth target of 11.6 percent.
The Nigeria Revenue Service collected N15.8 trillion, up from N10.6 trillion in the same period last year. The surge came from early gains in tax reforms and higher oil-related receipts.
Oil-related taxes gave the strongest boost. Collections rose more than 20 percent to N3.96 trillion. Higher global crude prices driven by geopolitical tension in the Middle East supported the increase. As Africa's largest crude exporter, Nigeria's fiscal accounts remain sensitive to oil price swings.
Non-oil revenue also improved. It rose 12.3 percent to N8.2 trillion. This points to early effects of tighter enforcement under the ongoing tax system overhaul.
The government aims to lift the tax-to-GDP ratio to 18 percent by 2030, up from about 13 percent. The goal is to reduce reliance on borrowing and expand non-oil revenue capacity.