The Presidency on Wednesday announced that Nigeria’s non-oil revenues surged by 40.5 per cent in the first eight months of 2025, reaching N20.59 trillion, up from N14.6 trillion in the same period of 2024.
In a statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the Presidency described the growth as the country’s strongest fiscal performance in recent history, crediting reforms in tax compliance, Customs automation, and digital revenue systems.
“Nigeria’s fiscal foundations are being reshaped. For the first time in decades, oil is no longer the dominant driver of government revenue,” Onanuga said. He added that non-oil collections now account for three out of every four naira, with N15.69tn coming from non-oil sources. Customs alone generated N3.68tn in the first half of 2025, exceeding its target by N390bn.
The Presidency noted that while inflation and exchange rate movements boosted revenues, the growth was largely reform-driven. President Bola Tinubu also told a delegation of the Buhari Organisation that the Federal Government no longer borrows from local banks, easing pressure on the domestic credit market.
The statement highlighted a ripple effect at the sub-national level, with monthly allocations to states and local governments surpassing N2tn for the first time in July. Officials said the expanded fiscal space would allow states to invest more in infrastructure, agriculture, and social services.
Despite the gains, oil-related revenues remain under pressure due to slumping crude prices and production shortfalls. The Presidency stressed that final validation of fiscal targets would come from the Budget Office later in the year, but insisted the trajectory is clear: “Revenues are rising, the base is broadening, and reforms are working. The priority is translating these numbers into real relief for citizens through jobs, food security, and improved infrastructure.”
