The Presidency has announced that Nigeria is firmly on course to achieve its annual non-oil revenue target, citing the strongest fiscal performance in the country’s recent history.
In a statement released on Wednesday, Presidential Adviser on Information and Strategy, Bayo Onanuga, said new figures confirm a sharp rise in collections, fuelled by fiscal reforms, stricter tax compliance, and digitised revenue systems.
Titled “Nigeria’s Non-oil Revenues Power Strongest Fiscal Performance in Recent History,” the statement revealed that non-oil revenues from January to August 2025 stood at N20.59 trillion, a 40.5 percent increase from N14.6 trillion recorded in the same period of 2024.
“Nigeria’s fiscal foundations are being reshaped. For the first time in decades, oil is no longer the dominant driver of government revenue,” Onanuga said.
According to the breakdown, non-oil revenues now account for three out of every four naira collected, with N15.69 trillion generated from non-oil sources alone. Customs contributed N3.68 trillion in the first half of 2025, surpassing its target by N390 billion, which the Presidency attributed to “systemic changes, not one-off windfalls.”
Although inflation and exchange rate adjustments played a role, the Presidency stressed that the gains are primarily reform-driven.
President Bola Tinubu, speaking during a visit by members of the Buhari Organisation at the State House on Sunday, described the growth as evidence of improving public finance.
He noted that the Federal Government had stopped borrowing from local banks, easing pressure on the domestic credit market.
The statement also highlighted the ripple effect at the sub-national level. For the first time, monthly allocations to Nigeria’s 36 states and 774 Local Governments exceeded N2 trillion in July, supported by increased disbursements from the Federation Account.
Officials said this improved fiscal space would allow states to expand spending on infrastructure, agriculture, and social services in line with Tinubu’s inclusive growth agenda.
“Resources are being directed closer to the people,” the statement read, while acknowledging that current revenues still fall short of the President’s ambitions for higher investments in education, healthcare, and infrastructure.
Despite the positive outlook, oil-related revenues remain under pressure due to weak global crude prices and Nigeria’s failure to meet production targets. However, the Presidency maintained that this challenge does not alter the trajectory of non-oil revenue growth.
Final validation of 2025 fiscal performance will be provided by the Budget Office at year-end. “Revenues are rising, the base is broadening, and reforms are working.
The priority now is to translate these numbers into real relief for citizens—putting food on the table, creating jobs, and investing in schools, hospitals, and roads,” the statement concluded.
