Nigeria’s Revenue Hits ₦20.59 Trillion in Eight Months, Non-Oil Sources Dominate
Abuja, Nigeria — Nigeria has posted its strongest fiscal performance in decades, generating ₦20.59 trillion in revenue between January and August 2025 — a 40.5 percent surge compared to ₦14.6 trillion recorded during the same period in 2024.
According to figures released by the Presidency, non-oil sources contributed ₦15.69 trillion, representing 75 percent of total collections. The shift underscores a structural break from decades of oil dependency, with revenue growth attributed to reforms under President Bola Tinubu’s administration.
These reforms include digitised tax systems, stricter compliance enforcement, and automation of customs operations.
President Tinubu, speaking during a meeting with the Buhari Organisation led by Senator Tanko Al-Makura, revealed that the Federal Government has not borrowed from local banks in 2025 due to improved revenue flows. He also noted that higher allocations are already reaching states and local governments.
In July 2025, the Federation Account Allocation Committee (FAAC) disbursed over ₦2 trillion to subnational governments — the largest in Nigeria’s history. Officials say this expanded fiscal space is enabling investments in food security, infrastructure, healthcare, and education.
The Nigeria Customs Service was singled out for exceptional performance, generating ₦3.68 trillion in the first half of the year — ₦390 billion above target — attributed to systemic reforms rather than one-off gains.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, described the figures as a historic milestone:
“For the first time in decades, oil is no longer the dominant driver of government revenue. The combination of reforms, compliance, and digitisation is powering a more resilient economy. The task now is to ensure that these gains are felt in better schools, hospitals, roads, and jobs for our citizens,” Onanuga said.
While inflation and exchange-rate adjustments have influenced nominal revenue growth, the Presidency insists that the performance is fundamentally reform-driven. Final audited figures will be published by the Budget Office at year’s end, but officials say collections are already ahead of projections.
Analysts caution that the challenge now lies in ensuring these fiscal gains translate into real relief for households and tangible improvements in service delivery.
