4th September 2025
The Presidency has said Nigeria is firmly on track to meet its annual non-oil revenue target. A statement signed on Wednesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, cited new figures showing a sharp rise in collections driven by fiscal reforms, tax compliance, and digitised revenue systems.
The statement was titled ‘Nigeria’s Non-oil Revenues Power Strongest Fiscal Performance In Recent History.’ According to data released for January to August 2025, non-oil revenues rose to N20.59tn, up 40.5 per cent from the N14.6tn recorded during the same period in 2024.
The Presidency said this represents the strongest fiscal performance in Nigeria’s recent history. “Nigeria’s fiscal foundations are being reshaped. For the first time in decades, oil is no longer the dominant driver of government revenue,” said Onanuga.
The Presidency credited the increase to structural reforms, including improved enforcement, Customs automation, and digital tax filings, adding that “the task ahead is to ensure these gains are felt in better schools, hospitals, roads, and jobs.”
While inflation and exchange rate adjustments have contributed to revenue uplift, the presidency says the gains are primarily reform-led. President Tinubu, who addressed a delegation of the Buhari Organisation at the State House on Sunday, pointed to the revenue growth as evidence of improving public finance and noted that the Federal Government was no longer borrowing from local banks, easing pressure on the domestic credit market.
The Presidency also highlighted a ripple effect at the sub-national level. For the first time, monthly allocations to Nigeria’s 36 states and 774 Local Governments crossed N2tn in July, driven by increased Federation Account disbursements.
Officials said the improved fiscal space allows states to boost spending on infrastructure, agriculture, and social services, aligning with Tinubu’s inclusive growth agenda. “Resources are being directed closer to the people,” the statement read, although it added that current revenue performance still falls short of the President’s ambitions for higher spending on education, healthcare, and infrastructure.
Despite the positive outlook, oil-related revenues remain under pressure due to slumping crude prices and unmet production targets. The Presidency said this had affected overall revenue performance but did not alter the trajectory of non-oil progress.
Final year-end validation of fiscal targets will be provided by the Budget Office, the statement noted. “Revenues are rising, the base is broadening, and reforms are working. The priority is translating these numbers into real relief for citizens by putting food on the table, creating jobs for young people, and investing in roads, schools, and hospitals,” the Presidency concluded.
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