Nigeria’s tax revenue climbed 49% year-on-year during the first five months of 2026, reaching $11.6 billion and significantly outperforming government projections. The Nigeria Revenue Service credited the gains to sweeping tax reforms enacted last year, new levies on sectors such as oil and mining, and stronger oil-related earnings. Oil tax receipts jumped more than 20% as higher crude prices linked to tensions in the Middle East lifted earnings, while non-oil revenues increased by 12.3%. The reforms form part of Nigeria’s effort to raise revenue to 18% of GDP by 2030 and reduce dependence on borrowing. The country currently has a tax-to-GDP ratio of roughly 13%, one of the lowest in the world. New transition guidelines issued this week are expected to support further gains under the updated tax regime.
Bloomberg
