The Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, has highlighted what he described as significant improvements across key sectors of the Nigerian economy since May 2023.
Adedeji presented an economic snapshot comparing indicators from the beginning of President Bola Ahmed Tinubu’s administration with figures recorded by mid-2026.
According to the NRS chairman, Nigeria’s domestic refining capacity increased from 30,000 barrels per day in May 2023 to about 700,000 barrels per day by mid-2026, with the country recording its first net petrol export in March 2026.
On tax revenue, Adedeji said collections by the former Federal Inland Revenue Service (FIRS), now NRS, rose from ₦12.3 trillion in May 2023 to ₦28.3 trillion in 2025, while revenue stood at ₦27.1 trillion as of July 2026.
He also pointed to Nigeria’s trade balance, which moved from a marginal ₦44.7 billion surplus in May 2023 to ₦7.55 trillion in the first quarter of 2026.
On capital importation, Adedeji said the figure increased from US$3.9 billion in May 2023 to US$23.22 billion in 2025.
The NRS chairman further stated that revenue from the solid minerals sector rose from ₦16 billion in May 2023 to ₦70 billion in 2025.
According to the figures presented, Nigeria’s capital market also recorded significant growth during the period.
The NGX All-Share Index reportedly rose from 55,738 points in May 2023 to about 250,000 points by mid-2026, while market capitalisation increased from ₦30.36 trillion to ₦161 trillion.
Adedeji also referenced education and social indicators, noting that the estimated number of out-of-school children declined from approximately 20 million in 2023, based on a UNICEF estimate, to between 18.3 million and 18.5 million by mid-2026.
On workers’ earnings, he noted that Nigeria’s minimum wage increased from ₦30,000 in May 2023 to ₦70,000.
The figures formed part of Adedeji’s broader defence of the economic reforms and policies implemented under the Tinubu administration.
These explanations from the NRS boss comes as the government continues to face scrutiny over the impact of its reforms on households and businesses.
