The Presidency has welcomed the latest revenue figures for January to August 2025, which show that Nigeria is achieving unprecedented growth in non-oil collections. According to President Bola Tinubu, the gains are a direct result of reforms aimed at improving the government’s fiscal position, strengthening compliance, and digitising tax administration.
Speaking yesterday while addressing a delegation of the Buhari Organisation led by Senator Tanko Al-Makura, the President pointed to the significant surge in non-oil revenues accruing to the Federation, federal, state, and local governments. Between January and August, total collections reached ₦20.59 trillion — a 40.5% rise from the ₦14.6 trillion recorded in 2024. The strong performance, he said, aligns with projections and puts the government firmly on course to meet its annual non-oil revenue target.
Highlighting Nigeria’s fiscal turnaround, President Tinubu revealed that the Federal Government has not borrowed from local banks this year, attributing it to strong fiscal performance. He noted, however, that tax revenues tied to the oil sector remain below expectations due to the slump in global crude markets.
The President stressed that the benefits of rising revenues are already being felt at the grassroots. For the first time in Nigeria’s history, monthly allocations to states and local governments surpassed ₦2 trillion in July, giving subnationals more fiscal space to fund food security, infrastructure, and social services.
Despite this progress, Tinubu admitted that revenues still fall short of his ambitions for education, health, and infrastructure spending, and pledged that efforts would continue to close the gap.
Commenting on the figures, Presidential Spokesperson Bayo Onanuga said the shift marks a turning point for Nigeria’s economy. “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 the lives of our citizens and in better schools, hospitals, roads, and jobs,” he stated.
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