Tinubu said the increase was a direct result of reforms to improve the government’s fiscal position, strengthen compliance, and digitise tax administration.
The Presidency said it welcomed the latest revenue figures for January–August 2025, showing that Nigeria has achieved an unprecedented growth in non-oil revenue to ₦20.59 trillion, a 40.5% increase from ₦14.6 trillion recorded in 2024.
A statement by Spokesperson to President Bola Tinubu, Bayo Onanuga, on Wednesday said the increase was a direct result of reforms to improve the government’s fiscal position, strengthen compliance, and digitise tax administration.
Tinubu made a pointed reference to this positive growth trajectory in non-oil revenue mobilisation statistics released while addressing a delegation of the Buhari Organisation led by Senator Tanko Al-Makura.
The President highlighted the significant growth in non-oil revenues accruing to the Federation, federal, state, and local governments, stating that from January to August 2025, total collections reached N20.59 trillion, a 40.5% increase from N14.6 trillion recorded in 2024.
“This strong performance aligns with projections, placing the government firmly on course to achieve its annual non-oil revenue target,” Tinubu noted.
The statement also said that the Federal Government was no longer borrowing from local banks to buttress the strong fiscal performance since the start of the year.
The President commented on tax revenues, which he said do not include dollar oil receipts, where targets are not being met because of the slump in the crude oil market.
“As part of this administration’s inclusive growth policy, resources are being directed closer to the people. Therefore, increased revenues have translated into record FAAC disbursements.”
Tinubu said for the first time in history, monthly allocations to states and local governments crossed ₦2 trillion in July 2025, providing sub-national governments with greater fiscal space to fund food security, infrastructure, and social services.
“Notwithstanding, these increases in revenues do not yet match the President’s ambitions for expenditures on education, health, and infrastructure; therefore, all efforts are being made to address these gaps,” the statement noted.
Commenting on the figures, Tinubu stated that Nigeria’s fiscal foundations were being reshaped.
“For the first time in decades, oil is no longer the dominant driver of government revenue.
“The combination of reforms, compliance, and digitisation powers a more resilient economy. The task ahead is to ensure that these gains are felt in the lives of our citizens and in better schools, hospitals, roads, and jobs.”
Other points in Onanuga’s statement include:
- Record Revenues: Nigeria mobilised ₦20.59 trillion in eight months, the most substantial collection in recent history.
- Non-Oil is Now the Engine: With ₦15.69 trillion collected, non-oil revenues account for three out of every four naira, showing a fundamental shift away from oil dependence.
- Beyond Inflation: While inflation and FX revaluation contributed, the uplift is primarily reform-driven — digitised filings, Customs automation, tighter enforcement, and broadened compliance.
- Customs Overperformance: ₦3.68 trillion was collected in H1, ₦390 billion above target, and already 56% of the full-year goal. This reflects systemic changes, not one-off windfalls.
- States’ Fiscal Space Expanded: FAAC allocations reached ₦2 trillion in July for the first time, giving states resources to strengthen local development.
- On Track, Not Overclaiming: The government affirms collections are ahead of pro-rata expectations, with final validation to be published by the Budget Office at the end of the year.
- 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.
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