The Presidency has hailed Nigeria’s strongest fiscal performance in recent history, powered by record growth in non-oil revenues between January and August 2025.
According to official figures, total revenue collections hit ₦20.59 trillion during the eight-month period — a 40.5 percent increase from ₦14.6 trillion in 2024. Of this amount, ₦15.69 trillion came from non-oil sources, accounting for three out of every four naira collected, underscoring a decisive shift away from oil dependence.
President Bola Tinubu, speaking during a meeting with a delegation of the Buhari Organisation led by Senator Tanko Al-Makura, attributed the fiscal gains to sweeping reforms in compliance, digitised tax administration, and strengthened enforcement. He noted that for the first time this year, the Federal Government has not borrowed from local banks to meet its obligations.
Highlighting the impact of increased collections, the President pointed to record disbursements from the Federation Account Allocation Committee (FAAC). In July 2025, monthly allocations to states and local governments crossed ₦2 trillion for the first time, giving subnational governments greater fiscal space to fund food security, infrastructure, and social services.
Despite the milestone, Tinubu acknowledged that rising revenues still fall short of his administration’s ambitious expenditure needs in education, health, and infrastructure.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, described the revenue performance as a historic turning point: “Nigeria’s fiscal foundations are being reshaped. For the first time in decades, oil is no longer the dominant driver of government revenue. The combination of reforms, compliance, and digitisation powers a more resilient economy. The task ahead is to ensure that these gains are felt in better schools, hospitals, roads, and jobs.”
Key highlights include:
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Record Revenues: ₦20.59 trillion mobilised in eight months, the highest in history.
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Non-Oil Dominance: ₦15.69 trillion from non-oil sources, representing 75% of collections.
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Customs Overperformance: ₦3.68 trillion collected in H1, exceeding targets by ₦390 billion.
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Expanded Fiscal Space: FAAC allocations exceeded ₦2 trillion in July 2025, boosting state capacity for development.
The Presidency emphasised that while inflation and FX revaluation played a role, the bulk of the uplift was reform-driven. Final validated revenue figures will be published by the Budget Office at year’s end.
