Nigeria records ₦20.59tn in non-oil revenues, strongest fiscal performance in decades

By Kunle Sanni –

Nigeria’s non-oil revenues surged to ₦20.59 trillion between January and August 2025, marking a 40.5% increase from ₦14.6 trillion in the same period last year — the strongest fiscal performance in recent history, according to the Presidency.

President Bola Tinubu, speaking in Abuja while receiving a delegation of the Buhari Organisation led by Senator Tanko Al-Makura, said the unprecedented growth reflects ongoing fiscal reforms, improved tax compliance, and digitised revenue administration.

“For the first time in decades, oil is no longer the dominant driver of government revenue,” presidential spokesperson Bayo Onanuga said in a statement. “The combination of reforms, compliance, and automation is reshaping Nigeria’s fiscal foundations.”

Non-oil revenues accounted for ₦15.69 trillion — three-quarters of total collections — while Customs revenue hit ₦3.68 trillion in the first half of 2025, exceeding targets by ₦390 billion. The government also noted that, for the first time in history, monthly allocations from the Federation Account to states and local governments exceeded ₦2 trillion in July, boosting subnational funding for infrastructure, food security, and social services.

President Tinubu added that strong revenue inflows have eliminated the need for domestic borrowing this year. However, he acknowledged that current revenues still fall short of the administration’s spending ambitions in education, health, and infrastructure.

While inflation and currency revaluation contributed to the uplift, officials said the gains are primarily reform-driven — powered by digitised tax filing, Customs automation, tighter enforcement, and broadened compliance. The Budget Office will validate final figures at year-end.

“The priority now is to translate these numbers into better schools, hospitals, roads, jobs, and food security for Nigerians,” Onanuga said.