Nigeria’s non-oil revenue hits ₦20.59trn

The Presidency has announced a historic surge in Nigeria’s non-oil revenue, recording a 40.5% increase between January and August 2025, compared to the same period in 2024.

According to Presidential spokesperson Bayo Onanuga, President Bola Tinubu disclosed the figures while addressing a delegation from the Buhari Organisation on Tuesday.

He noted that total non-oil collections reached ₦20.59 trillion, up from ₦14.6 trillion last year, keeping government projections on track.

The president highlighted that non-oil taxes now account for three out of every four naira collected, signalling a decisive shift away from oil dependence.

“For the first time in decades, oil is no longer the main driver of government revenue,” he said.

Tinubu attributed the growth to reforms in digital tax administration, Customs automation, stricter compliance enforcement, and broadened coverage, rather than mere windfalls from inflation and FX revaluation.

He also announced that the federal government has stopped borrowing from local banks since early 2025, underscoring improved fiscal discipline.

The revenue boost has enabled record allocations to states and local governments, with July’s Federation Account Allocation Committee (FAAC) disbursement exceeding ₦2 trillion for the first time.

The president said this has strengthened grassroots development, particularly in agriculture, infrastructure, and essential public services.

Despite the gains, Tinubu acknowledged that rising revenues alone cannot fully address Nigeria’s challenges in education, healthcare, and infrastructure.

“The task ahead is to ensure these numbers translate into real relief—better schools, hospitals, jobs, and food on the table,” he added.

The Presidency confirmed that ₦3.68 trillion was collected in the first half of 2025, already exceeding targets by ₦390 billion and representing 56% of the full-year goal.

Final validation of the figures will be published by the Budget Office at year’s end.

Tinubu reaffirmed his administration’s commitment to consolidating the reforms and expanding the revenue base to build a more resilient economy.