NIGERIA’S TAX REVENUE HITS ₦27TN AFTER 113% SURGE – REPORT

Nigeria’s tax revenue has climbed to ₦27 trillion, following a reported 113 per cent increase, highlighting the impact of ongoing reforms aimed at improving revenue collection and expanding the country’s tax base.

The increase reflects stronger tax administration and efforts by government authorities to improve compliance among individuals and businesses.

According to the report, the significant growth in revenue comes as Nigeria continues to seek ways to reduce its dependence on oil earnings and strengthen non-oil sources of government income.

Tax authorities have intensified digitalisation, enforcement, and monitoring measures to identify taxable activities and improve the efficiency of collection.

The rise in tax receipts could provide the government with additional resources to fund infrastructure, education, healthcare, security, and other public services.

However, economists have stressed the need to ensure that increased revenue collection does not place excessive pressure on businesses and households already facing difficult economic conditions.

They have called for a broader tax base rather than relying heavily on higher charges for existing taxpayers, arguing that improved compliance and reduced leakages can support sustainable revenue growth.

The development comes amid broader fiscal reforms by the Federal Government aimed at strengthening public finances and improving revenue mobilisation.

Analysts say sustaining the growth will depend on efficient administration, transparency, taxpayer confidence, and policies that encourage businesses to operate within the formal economy.