September 04, (THEWILL) — Nigeria has recorded its strongest fiscal performance in decades, with non-oil revenues driving collections to ₦20.59 trillion between January and August 2025, the Presidency has announced.
In a statement on Wednesday, Presidential spokesperson Bayo Onanuga said the figure represents a 40.5 per cent increase compared with ₦14.6 trillion recorded in the same period in 2024.
Of the total amount, ₦15.69 trillion came from non-oil sources, accounting for three out of every four naira collected.
“This is a watershed moment for our economy. For the first time in decades, oil is no longer the dominant driver of government revenue. Reforms, compliance, and digitisation are powering a more resilient economy,” Onanuga said.
He noted that the surge in revenue is already reflecting in record disbursements from the Federation Account Allocation Committee (FAAC).
In July 2025, allocations to states and local governments crossed ₦2 trillion for the first time in history.
Onanuga quoted President Bola Tinubu as reaffirming the government’s fiscal reforms during a recent meeting with members of The Buhari Organisation led by Senator Tanko Al-Makura.
Tinubu noted that the Federal Government has not borrowed from local banks since the beginning of the year, owing to improved collections.
The Presidency explained that Customs recorded ₦3.68 trillion in the first half of 2025, surpassing targets by ₦390 billion and achieving 56 per cent of its full-year goal.
It stressed that the uplift is largely reform-driven, with digitised filings, tighter enforcement, broadened compliance, and automation of Customs processes playing key roles.
“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,” Onanuga said.
He, however, admitted that despite the revenue boost, expenditure needs in education, health, and infrastructure still exceed available resources, pledging that government will intensify efforts to close the gaps.
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