Tax revenue doubles to ₦27.1tn

NRS confirms economic reforms have doubled tax revenue to ₦27.1 trillion, with crude output at 1.73 million bpd and foreign reserves at $51.9 billion.

The Nigeria Revenue Service (NRS) published an internal report confirming that structural economic reforms under President Bola Tinubu have stabilised the macro-economy. Key benchmarks show crude oil output reaching 1.73 million barrels per day, 104% of its OPEC quota, foreign reserves rising to $51.9 billion, and tax revenue collections doubling to ₦27.1 trillion as of July 2026.

The numbers are impressive by any measure. Crude output above quota, reserves at a 17-year high, and tax revenue doubling in three years. The government will point to these figures as proof that its reforms are working. But for a minimum-wage earner in Kano, the numbers are abstract. The question is whether the increased revenue will translate into better public services, more jobs and lower prices.

This mirrors the 2010s economic recovery narratives, which also saw impressive macro indicators that failed to translate into tangible benefits for ordinary Nigerians. The difference is that the current numbers are more robust.

The winners: the Tinubu administration, which can point to strong macro indicators; and the Nigerian economy, which has stabilised. The losers: ordinary Nigerians, who have yet to feel the benefits; and the opposition, which must now argue that the numbers don’t tell the full story.

Bottom Line: Tax revenue has doubled to ₦27.1 trillion. The macro indicators are strong. The question is whether the benefits will reach ordinary Nigerians.