Taxes To Fund 21% Of FG’s ₦35.5 Trillion 2026 Revenue — CBN
Taxes to Contribute 20.84% of 2026 Federal Revenue — CBN
THE Central Bank of Nigeria has projected that taxes will account for 20.84 per cent of the Federal Government’s estimated ₦35.51 trillion retained revenue in 2026, reflecting ongoing efforts to strengthen non-oil revenue mobilisation.
In its latest macroeconomic outlook for 2026, the apex bank stated that the projection is anchored on improved tax administration, stronger compliance, and the full implementation of the Nigeria Tax Act 2025, which takes effect on 1st January 2026.
The CBN noted that although oil and other resource-based earnings will remain the largest revenue source, the government is intensifying reforms to boost internally generated revenue through taxation.
Oil Still Dominant, But Tax Role Expands
According to the report, resource-based revenues — including oil, minerals and mining — are expected to account for 57.01 per cent of total retained revenue in 2026.
However, stronger tax receipts from Company Income Tax (CIT), Value Added Tax (VAT), customs duties and Federation Account levies are projected to play a significant complementary role.
The apex bank further disclosed that grants and donor funding would contribute 1.75 per cent of projected revenue, while other sources are expected to make up 20.40 per cent.
Overall, the fiscal outlook for 2026 remains broadly positive, supported by reforms in both oil and non-oil sectors.
Customs Sets ₦9 Trillion Target
Meanwhile, the Nigeria Customs Service has set a ₦9 trillion revenue target for the 2026 fiscal year.
The Comptroller-General of Customs, Adewale Adeniyi, disclosed that the final revenue benchmark would be confirmed after consultations with the National Assembly’s appropriation committees.
He attributed the ambitious target to enhanced trade facilitation measures, increased deployment of technology and stricter enforcement mechanisms aimed at reducing cargo diversion and plugging revenue leakages.
Customs also clarified that official foreign exchange rates are being used for import and export valuation, a move intended to ensure transparency and uniformity in duty assessment.
Voluntary Compliance Boosts Collections
Adeniyi revealed that in 2025, the Service exceeded its revenue target by about 11 per cent.
He cited improved trade processes and predictable procedures at ports and border stations as key drivers of increased compliance among importers, exporters, clearing agents and freight forwarders.
In addition, more than ₦100 billion was recovered from traders who voluntarily returned to regularise previously underpaid duties after internal reviews of their records — a development the CGC described as unprecedented.
He pledged to sustain the momentum in voluntary compliance in 2026 and beyond.
Seme Border Reopens
On border operations, Adeniyi confirmed the reopening of the Seme Border, describing it as strategically important to Nigeria’s position as a regional transit hub.
He explained that the decision followed engagements between authorities in Nigeria and the Republic of Benin, alongside consultations involving Niger Republic, culminating in approval for transit cargo movement along the Kébé corridor.
With tax reforms gaining traction and Customs tightening enforcement, authorities are optimistic that 2026 will mark another step toward a more diversified and sustainable revenue base.
