The Presidency has announced that Nigeria recorded its strongest fiscal performance in recent history, with non-oil revenues driving collections to ₦20.59 trillion between January and August 2025.
According to official figures, non-oil revenues accounted for ₦15.69 trillion, representing three out of every four naira collected — a historic shift from decades of oil dependence.
President Bola Ahmed Tinubu, while addressing a delegation of the Buhari Organisation led by Senator Tanko Al-Makura at the State House, hailed the development as evidence that his administration’s reforms are reshaping Nigeria’s fiscal foundations.
From January to August 2025, total revenue rose by 40.5% compared to ₦14.6 trillion in the same period of 2024. The government also confirmed that for the first time in history, allocations to states and local governments through the Federation Account Allocation Committee (FAAC) crossed ₦2 trillion in July 2025.
“The Federal Government is no longer borrowing from local banks to finance operations,” the President said, linking the performance to reforms that digitised tax administration, strengthened compliance, and expanded the revenue base.
While noting that crude oil revenues had underperformed due to a slump in the global market, Tinubu stressed that Nigeria’s financial health is now less dependent on oil. He emphasised that increased revenues are being directed closer to the people, empowering states and local governments to invest in food security, education, health, infrastructure, and social services.
Bayo Onanuga, Special Adviser to the President on Information & Strategy, reinforced the significance of the achievement.
“Nigeria’s fiscal foundations are being reshaped. 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 said.
Key Highlights
- Record Revenues: ₦20.59 trillion collected in eight months — the strongest performance ever.
- Non-Oil Dominance: ₦15.69 trillion from non-oil sources, proving a decisive shift away from oil dependence.
- Customs Overperformance: ₦3.68 trillion collected in H1, surpassing target by ₦390 billion.
- Expanded State Funding: FAAC disbursements crossed ₦2 trillion for the first time in July.
- Reforms Driving Growth: Digitisation, customs automation, and compliance enforcement credited for results.
The Presidency assured that while the figures are historic, the ultimate priority remains ensuring that revenues translate into real benefits for Nigerians — food on the table, jobs for young people, and investments in schools, hospitals, and infrastructure.
