The Presidency has announced that Nigeria’s non-oil revenue has grown by over 40 per cent, positioning the country on course to achieve its annual revenue target.
In a statement issued on Wednesday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said recent fiscal reforms, improved tax compliance, and digitised revenue systems have significantly boosted collections.
According to data covering January to August 2025, non-oil revenue rose to N20.59 trillion, up from N14.6 trillion recorded in the same period of 2024. The Presidency described this as the strongest fiscal performance in Nigeria’s recent history.
“For the first time in decades, oil is no longer the dominant driver of government earnings. Nigeria’s fiscal foundations are being reshaped,” Onanuga said.
Of the total collections, non-oil sources accounted for N15.69 trillion—representing three out of every four naira. The Nigeria Customs Service alone contributed N3.68 trillion in the first half of 2025, exceeding its target by N390 billion, a development the Presidency attributed to “systemic reforms rather than one-off windfalls.”
While acknowledging that inflation and exchange rate adjustments have influenced the revenue rise, the Presidency maintained that the primary driver was reform-led growth. President Bola Tinubu, speaking during a courtesy visit by members of the Buhari Organisation at the State House on Sunday, said the improved revenue performance has eased pressure on the domestic credit market as the Federal Government has stopped borrowing from local banks.
The Presidency also noted a positive spillover effect at the sub-national level, with monthly allocations to states and local governments surpassing N2 trillion for the first time in July. This, it said, enables states to increase spending on infrastructure, agriculture, and social services in line with the President’s inclusive growth agenda.
“Resources are being directed closer to the people,” the statement read, though it admitted that current revenues still fall short of the administration’s targets for expanded investments in education, healthcare, and infrastructure.
Despite the gains, the Presidency highlighted that oil revenues remain under pressure due to declining crude prices and production shortfalls. However, it stressed that this has not derailed the progress recorded in the non-oil sector.
Final year-end revenue figures will be validated by the Budget Office. “Revenues are rising, the base is broadening, and reforms are working. The priority now is to translate these gains 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 stated.
