Abstract: Debt is a salvaging factor to cushion the effect of recurrent budget deficit, a connecting bridge for the gap between revenue and expenditure as well as means of financing sustainable growth in an economy. However, debt profile both domestic and foreign continues to increase in Nigeria without appreciable performance in economic development, hence this study examined the effect of tax revenue on foreign debt. The study made use of ex post-facto research design, and a 39-year time series data (1981-2019) sourced from CBN Statistical Bulletin 2019 and FIRS annual reports were used. The data were adjudged valid and reliable having being appropriately validated by the relevant agencies. Data analysis was done using both descriptive and inferential statistics. Findings from the study revealed that tax revenue significantly affected foreign debt in Nigeria (Adj.R2 = 0.463, Rn-sqd = 60.61, ρ = 0.00). It is recommended that appropriate policy mix and setting of achievable measures in exploring several opportunities to widen the tax base should be focus of Nigerian government as current level of tax revenue is not sufficient enough to cushion the rise in the nation’s foreign debt profile.