The Federal Government has raised the 2026 independent revenue target to N2.5 trillion as part of efforts to reduce dependence on oil revenue and borrowing.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Wednesday while presenting the revised revenue framework to the National Assembly. Oyedele explained that the upward review was informed by improved performance in non-oil sectors, particularly customs, taxes and internally generated revenue by government agencies. He assured that stringent measures would be put in place to ensure that the target is met.
The development is expected to ease pressure on the Federation Account and provide more resources for critical infrastructure and social interventions. Economists have welcomed the move but cautioned that achieving the target would require transparency, efficiency and blocking of leakages in revenue collection.
The increase in the independent revenue target reflects the government’s commitment to diversifying the revenue base and reducing reliance on oil. The move is part of broader fiscal reforms aimed at improving revenue generation and expenditure management. Stakeholders believe that if successfully implemented, the target could significantly strengthen the country’s fiscal position and support economic growth.
