With 10 blue chip companies posting N14.4trn revenue, Nigeria showing strong recovery – NRS

Nigeria has emerged from a difficult period of economic adjustments and is now recording strong signs of recovery and accelerated growth, the Executive Chairman of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, has said.

He also said the reforms got a further boost with the N14.4 trillion revenue generation by 10 blue-chip companies in the first half of 2026.

Speaking on Channels TV‘Politics Today’ programme, Sunday, Adedeji explained that Nigeria was witnessing a more stable macroeconomic environment due to ongoing financial sector reforms and tighter monetary management.

The NRS boss used the opportunity of the programme to review the economic policies of President Bola Ahmed Tinubu’s administration, the performance of the economy and the impact of the reforms on the lives of Nigerians.

President Tinubu, had, in 2023 announced major economic reforms including fuel subsidy removal, foreign exchange reform, reduction in Central Bank of Nigeria (CBN) deficit financing, and tax reform, among others.

According to him, the exchange rate stability, moderating inflationary pressures, and improving liquidity conditions have enhanced business confidence, thereby allowing companies to make longer-term investment decisions with greater certainty.

He said, “Nigeria’s economy is showing strong signs of full recovery and accelerated growth following a series of necessary reforms by the current administration. The economy has moved decisively from acute macroeconomic distress to a more stable and increasingly resilient footing.

“This is as a result of President Bola Tinubu’s economic management acumen and doggedness in implementing his reforms as part of his Renewed Hope Agenda for the country.”

Strong economic performance

Speaking further on the economic recovery, Adedeji noted that the banking sector recapitalisation had strengthened the financial system’s capacity to support large-scale corporate financing, adding that the ongoing tax reforms had simplified administration and broadened the revenue base.

“These reforms have improved the overall business climate and reduced structural inefficiencies as well as enhanced the operating environment for capital intensive and export-oriented firms by improving market efficiency, strengthening macroeconomic stability, increasing investor confidence,” he stated.

The NRS helmsman affirmed that comprehensive structural reforms embarked by the President Bola Tinubu Administration had translated into measurable improvements in corporate financial performance through stronger market fundamentals and a more predictable business environment.

“The resulting improvements in operational efficiency, financial transparency, and investment planning provide a clear economic explanation for the substantial increases in both revenue and earnings before tax recorded by many of the companies in this dataset,” he added.

On assumption of office in May 2023, the NRS boss recalled President Tinubu inherited “four mutually reinforcing distortions – a fiscally unsustainable fuel subsidy regime, an opaque forex system that discouraged investment, a non-performing oil sector, and a tax base far below its potential.”

The economic indices, he pointed out, showed significant recovery as evident in retreating inflation rates, balance of payments swinging from deficit to surplus, first-ever net petrol export, doubling of tax collections in nominal terms, and the reshaping of the country’s productive base.

Reforms pushes 10 blue-chip coys revenue up

The reforms, according to Adedeji, boosted N14.4 trillion revenue generation by 10 blue-chip companies in the first half of 2026, representing an increase of 36 per cent over the N10.59 trillion generated in the corresponding period of 2025.

He said MTN Nigeria reported N2.99 trillion revenue in the first half of 2026, while Dangote Cement recorded N2.51 trillion revenue in H1 2026, about 21.4 per cent increase over N2.07 trillion in H1 2025.

In terms of profit, the 10 blue-chip companies declared N4.99 trillion profit before tax in H1 2026, about 66.7 per cent increase over N2.99 trillion reported in H1 2025.

MTN Nigeria led the chart, generating about N1.09 trillion profit before tax in H1 2026, up by 75.2 per cent from N622.26billion reported in H1 2025, as Dangote Cement posted N981 billion profit before tax in H1 2026, about 34.4 per cent increase over N730 billion reported in H1 2025.

“The companies had faced challenges when the CBN introduced numerous measures in line with President Tinubu’s foreign exchange reforms. When the policy was first introduced, most of these companies reported huge losses that impacted on share prices and dividend payout to shareholders.

“By establishing a single, market-determined exchange rate, the reform improved price discovery and enabled companies with substantial foreign currency exposure to more accurately reflect the value of their dollar-denominated revenues in their financial statements,” he said.

Tax collections hits N27.1trn in 7 months

Adedeji revealed that the NRS’ total tax collections stood at N27.1 trillion in seven months of 2026 as the tax-to-Gross Domestic Product (GDP) ratio moved to 13 per cent from 10.3 per cent, based on the ongoing tax reforms of the incumbent administration.

“The Service’s tax collections have doubled due to the digitisation of tax systems, the four new tax reform laws, the transformation of the revenue service, and an executive order that closed loopholes in the system,” he said.

The NRS had declared N12.3 trillion total tax collections in 2023, N21 trillion in 2024, and N28.3 trillion in 2025.

He noted that Nigeria’s debt-to-GDP was on a decline as result of economic growth, which, according to him, had  moved from 2.74% in 2023 to 3.8% in the first half of 2026, while external reserves moved from an unrestricted $3.99 billion in 2023 to a 17-year high $51.9 billion as of July 2026.

He added that the country’s balance of payments had moved from a $3.34 billion deficit to a $2.38 billion surplus in the first quarter of 2026.