The Presidency has announced that Nigeria remains firmly on course to achieve its annual non-oil revenue target, citing reforms and improved compliance as key drivers of the surge. In a statement issued on Wednesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency described the performance as the country’s strongest fiscal outcome in recent history.
According to official figures, non-oil revenues between January and August 2025 rose to ₦20.59 trillion, representing a 40.5 percent increase from the ₦14.6 trillion recorded during the same period in 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.
He credited the growth to structural reforms, including improved tax enforcement, Customs automation, and the digitisation of revenue collection. Of the total, non-oil income accounted for three out of every four naira, with ₦15.69 trillion derived from non-oil sources.
The statement highlighted that the Nigeria Customs Service collected ₦3.68 trillion in the first half of 2025—₦390 billion above target—reflecting “systemic changes, not one-off windfalls.”
While acknowledging that inflation and exchange rate adjustments contributed to the uptick, the Presidency stressed that the gains were primarily reform-led.
President Bola Tinubu, speaking during a visit by the Buhari Organisation at the State House on Sunday, pointed to the revenue growth as evidence of improving public finance. He noted that the Federal Government had stopped borrowing from domestic banks, thereby easing pressure on the local credit market.
The fiscal improvements have also filtered to sub-national governments. For the first time, monthly allocations to the 36 states and 774 local councils exceeded ₦2 trillion in July, driven by increased Federation Account disbursements. According to the Presidency, this development has expanded fiscal space for states to invest in infrastructure, agriculture, and social services, in line with Tinubu’s inclusive growth agenda.
“Resources are being directed closer to the people,” the statement added, but cautioned that revenue levels still fall short of the President’s aspirations for higher investments in education, healthcare, and infrastructure.
Despite the progress, oil revenues remain subdued due to falling crude prices and unmet production targets. The Presidency acknowledged the shortfall but said it does not alter the positive trajectory of non-oil revenue growth.
The Budget Office will provide a final year-end validation of fiscal targets. “Revenues are rising, the base is broadening, and reforms are working. The priority now is to translate these gains into real relief for citizens—putting food on the table, creating jobs for young people, and building better roads, schools, and hospitals,” the Presidency concluded.
