The Presidency has announced that Nigeria is on course to meet its annual non-oil revenue target, following a significant surge in collections.
In a statement issued on Wednesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the Federal Government revealed that non-oil revenues for January to August 2025 reached N20.59tn, representing a 40.5 per cent increase from N14.6tn recorded during the same period in 2024.
The statement, titled ‘Nigeria’s Non-oil Revenues Power Strongest Fiscal Performance In Recent History’, described the growth as the country’s strongest fiscal outcome in recent years.
“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 Presidency, the improved performance is attributed to fiscal reforms, stricter enforcement, Customs automation, and the adoption of digital tax filing systems. It added that, “The task ahead is to ensure these gains are felt in better schools, hospitals, roads, and jobs.”
Of the total figures, non-oil revenues accounted for three-quarters of collections, with N15.69tn generated from non-oil sources. Nigeria Customs Service alone contributed N3.68tn in the first half of 2025, exceeding its target by N390bn, which the Presidency said reflected “systemic changes, not one-off windfalls.”
While acknowledging that inflation and exchange rate adjustments also boosted revenues, the Presidency stressed that the results were “primarily reform-led.”
President Bola Tinubu, during a meeting with the Buhari Organisation delegation at the State House, cited the revenue growth as evidence of stronger public finances. He also noted that the Federal Government had stopped borrowing from local banks, which has reduced pressure on the domestic credit market.
The Presidency further disclosed that the gains have trickled down to states and local governments. In July, monthly allocations to 36 states and 774 local governments exceeded N2tn for the first time, driven by higher Federation Account disbursements.
According to the statement, “Resources are being directed closer to the people,” but it also admitted that current revenue performance still falls short of President Tinubu’s goals for higher spending on education, healthcare, and infrastructure.
Despite the strong non-oil growth, the Presidency acknowledged that oil revenues remain weak due to low crude prices and production shortfalls. However, it maintained that these challenges do not derail the progress of non-oil reforms.
Final confirmation of the fiscal outcome for 2025 will be provided by the Budget Office.
The statement concluded, “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.”
