New tax ID won't fix old problems

Nigeria will spend $11.6bn on debt in 2026, half its revenue, as a new Tax ID system launches.

President Bola Tinubu says Nigeria will spend about $11.6 billion servicing debt in 2026, almost half of projected government revenue, warning that rising repayments are limiting investment in infrastructure, healthcare and education. Speaking at the Africa Forward Summit in Nairobi, Tinubu criticised high borrowing costs for African nations and defended recent economic reforms, including the removal of fuel subsidies and currency devaluation. Meanwhile, the Nigeria Revenue Service and Joint Revenue Board have launched a new nationwide Taxpayer Identification system under the Nigeria Tax Administration Act 2025. The reform introduces a compulsory 13-digit Tax ID for individuals and businesses to improve tax collection and transparency, and to reduce revenue leakage around the country.