The Presidency has welcomed Nigeria’s unprecedented surge in non-oil revenues, which climbed to ₦20.59 trillion between January and August 2025, a 40.5% jump from ₦14.6 trillion in the same period last year.
In a statement on Wednesday, presidential spokesperson Bayo Onanuga attributed the growth to reforms aimed at strengthening fiscal stability, tightening compliance, and digitising tax administration.
President Bola Tinubu, speaking while receiving a delegation of the Buhari Organisation led by Senator Tanko Al-Makura, said the robust collections confirm that reforms are reshaping the country’s fiscal foundations.
“For the first time in decades, oil is no longer the dominant driver of government revenue,” Tinubu said. “Reforms, compliance, and digitisation are powering a more resilient economy. The task ahead is ensuring these gains translate into better schools, hospitals, roads, and jobs.”
Key highlights
- Record Revenues: ₦20.59 trillion mobilised in eight months — the largest in recent history.
- Non-Oil Dominance: ₦15.69 trillion came from non-oil sources, accounting for three out of every four naira collected.
- Customs Overperformance: ₦3.68 trillion collected in H1, exceeding targets by ₦390 billion and achieving 56% of the annual goal.
- Expanded Fiscal Space: For the first time ever, FAAC disbursements to states and local governments surpassed ₦2 trillion in July, boosting their capacity to invest in food security, infrastructure, and social services.
- Reduced Borrowing: The Federal Government has not borrowed from local banks since the start of 2025, underscoring improved fiscal health.
Tinubu acknowledged that despite the gains, revenue growth still falls short of funding ambitions in education, health, and infrastructure. He also noted that tax receipts exclude oil dollar earnings, where targets are lagging due to the global crude market slump.
The Presidency stressed that while inflation and FX revaluation played a role, the uplift was primarily reform-driven — citing digitised tax filings, Customs automation, and broadened compliance.
“Revenues are rising, the base is broadening, and reforms are working,” Onanuga said. “The priority now is to translate these numbers into real relief for citizens by putting food on the table, creating jobs for young people, and investing in public services.”
