Nigeria's Q1 2026 tax revenue grows but misses ambitious targets
Nigeria’s tax revenue rose in the first quarter of 2026, but still fell short of official targets. Collections reached N7.44 trillion, up by N1.40 trillion from the same period in 2025. However, the government had aimed for N9.68 trillion in Q1 2026, leaving a gap of N2.24 trillion. In Q1 2025, Nigeria’s tax revenue stood at N6.04 trillion, exceeding the target of N5.82 trillion. The performance rate for that quarter was 103.74%, indicating a strong start to the year.
By Q1 2026, total revenue climbed to N7.44 trillion. Yet the performance rate dropped to 76.87%, as the target had been raised to N9.68 trillion. Different tax categories showed mixed results. Oil taxes performed well, bringing in N1.62 trillion—N318.23 billion above the N1.30 trillion target. But petroleum royalties underperformed, collecting N1.12 trillion against a N2.03 trillion goal, a shortfall of N909.25 billion. Non-oil taxes, including Companies Income Tax, generated N3.75 trillion. This was N1.30 trillion below the N5.05 trillion target for the quarter.
The Q1 2026 figures show growth in overall tax revenue compared to the previous year. However, the shortfall against the higher target highlights challenges in meeting expanded fiscal expectations. Oil taxes exceeded projections, while non-oil and petroleum royalties fell behind.
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