Thursday, September 4, 2025 - The Presidency has said Nigeria is firmly on track to meet its annual non-oil revenue target. A statement signed on Wednesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, cited new figures showing a sharp rise in collections driven by fiscal reforms, tax compliance, and digitised revenue systems.
The statement was titled ‘Nigeria’s Non-oil Revenues Power
Strongest Fiscal Performance In Recent History.’ According to data released for
January to August 2025, non-oil revenues rose to N20.59tn, up 40.5 per cent
from the N14.6tn recorded during the same period in 2024.
The Presidency said this represents the strongest fiscal
performance in Nigeria’s recent history. “Nigeria’s fiscal foundations are
being reshaped. For the first time in decades, oil is no longer the dominant
driver of government revenue,” said Onanuga.
The Presidency credited the increase to structural reforms,
including improved enforcement, Customs automation, and digital tax filings,
adding that “the task ahead is to ensure these gains are felt in better
schools, hospitals, roads, and jobs.”
Of the total collections, non-oil revenues now account for
three out of every four naira, with N15.69tn coming from non-oil sources. It
said Customs alone collected N3.68tn in the first half of 2025, N390bn above
target, reflecting what it called “systemic changes, not one-off windfalls.”
While inflation and exchange rate adjustments have
contributed to revenue uplift, the presidency says the gains are primarily
reform-led. President Tinubu, who addressed a delegation of the Buhari
Organisation at the State House on Sunday, pointed to the revenue growth as
evidence of improving public finance and noted that the Federal Government was
no longer borrowing from local banks, easing pressure on the domestic credit
market.
The Presidency also highlighted a ripple effect at the
sub-national level. For the first time, monthly allocations to Nigeria’s 36
states and 774 Local Governments crossed N2tn in July, driven by increased
Federation Account disbursements.
Officials said the improved fiscal space allows states to
boost spending on infrastructure, agriculture, and social services, aligning
with Tinubu’s inclusive growth agenda. “Resources are being directed closer to
the people,” the statement read, although it added that current revenue
performance still falls short of the President’s ambitions for higher spending
on education, healthcare, and infrastructure.
Despite the positive outlook, oil-related revenues remain
under pressure due to slumping crude prices and unmet production targets. The
Presidency said this had affected overall revenue performance but did not alter
the trajectory of non-oil progress.
Final year-end validation of fiscal targets will be provided
by the Budget Office, the statement noted. “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,” the Presidency
concluded.
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