Nigeria raked in more than ₦21.6 trillion in the first half of 2026; a performance the Tinubu Support Group (TSG) says reflects the financial acumen of President Bola Tinubu’s administration.
The group’s Director General, Dr. Umar Tanko Yakasai, said in a statement in Abuja yesterday that the upward trend followed policies aimed at overhauling the country’s revenue generation machinery.
He added that year-on-year figures pointed to rapid growth in the Federal Government’s revenue drive.
According to him, tax revenue in the first five months of 2026 reached ₦16.80 trillion, compared with ₦10.60 trillion in the same period of 2025. That is a year-on-year gain of ₦6.2 trillion, or well over ₦1 trillion in additional revenue each month.
He said the growth was driven by extensive fiscal reforms and the implementation of the Nigeria Tax Act.
Yakasai praised the leadership and staff of key revenue agencies, particularly the Nigeria Revenue Service (NRS), which replaced the Federal Inland Revenue Service (FIRS) on January 1, 2026.
The rebranding formed part of the 2025 tax reform agenda, which seeks to unify revenue collection, improve efficiency and digitize tax administration.
The NRS now covers both tax and non-tax revenue, with full-year targets of ₦40.7 trillion to ₦50 trillion.
He explained that a major change under the new structure is centralized collection, which lets the NRS handle revenue previously spread across agencies such as the Nigeria Customs Service, NUPRC, NPA and NIMASA.
The new tax laws, he noted, took effect on January 1, 2026, under the Nigeria Revenue Service (Establishment) Act, 2025.
The TSG also pointed to the appointment of Dr. Taiwo Oyedele, described as the brain behind the new tax collection system, to succeed Chief Wale Edun as Coordinating Minister of the Economy and Minister of Finance.
“This transition only speaks to the fact that President Bola Tinubu is seriously focused, deliberate, and intentional about expanding the revenue basket without which much infrastructure development can take place,” the group said.
Yakasai further said federation allocations to all tiers of government from January to April showed progress, stability and liquidity across the 36 states.
He noted that monthly statutory distributions by the Federation Account Allocation Committee (FAAC) also grew sharply, with gross statutory revenue for June 2026, the end of the second quarter, rising by ₦1.05 trillion over May.
“We are aware that the last three years have recorded more than double and triple monthly FAAC disbursements to all tiers of government,” he said, adding that a 14.3 percent increase in distributable revenue means sub-nationals are receiving more than before.
With the World Bank urging governments at all levels to do more to bridge the poverty gap, the group called on state governments to heed President Tinubu’s repeated appeals to prioritize citizens’ welfare.
“We believe this is a sure way Nigerians will really feel the positive effect of President Tinubu’s efficacious reforms,” the statement said.
The group maintained that since most Nigerians live in the states, poverty reduction policies carried out by sub-nationals would have the most visible impact across the country.
