The Presidency has announced record growth in Nigeria’s non-oil revenues. The surge was driven by fiscal reforms, stricter compliance, and digital tax systems.
Presidential spokesperson, Bayo Onanuga, confirmed this in a statement on Wednesday in Abuja. He said President Bola Tinubu highlighted the development while addressing a delegation from the Buhari Organisation on Tuesday.
₦20.59 Trillion Generated in Eight Months
Between January and August 2025, Nigeria generated ₦20.59 trillion. This represents a 40.5% rise compared to ₦14.6 trillion during the same period in 2024. The figure keeps the Federal Government on course to meet its annual non-oil revenue target.
Tinubu stated that the government has not borrowed from local banks since early 2025. He said this shows improved fiscal discipline.
While oil revenues remain under pressure from falling crude prices, non-oil revenues continue to expand at a record pace. This growth has boosted allocations to states and local governments.
For the first time, FAAC disbursements crossed ₦2 trillion in July 2025. States used the funds to support agriculture, infrastructure, and public services.
However, Tinubu admitted that revenue growth alone cannot fund Nigeria’s big plans for education, healthcare, and infrastructure. He described the shift as a turning point in Nigeria’s economic history.
“For the first time in decades, oil is no longer the dominant driver of government revenue. Reforms, compliance, and digitisation are shaping a stronger economy. The challenge is turning these gains into better schools, hospitals, and jobs,” he said.
Reforms Power Long-Term Fiscal Stability
Out of the total ₦20.59 trillion collected, non-oil revenues accounted for ₦15.69 trillion. This means three out of every four naira now comes from non-oil sources.
Tinubu explained that while inflation and FX revaluation had some impact, reforms drove the change. Digital tax filings, automated customs systems, tighter enforcement, and expanded compliance produced lasting results.
In the first half of 2025, revenue collections hit ₦3.68 trillion. This was ₦390 billion above target, already covering 56% of the full-year goal.
Tinubu also confirmed that higher FAAC allocations are helping states fund local development. He said final revenue validation would be published by the Budget Office at year-end.
The President concluded that Nigeria’s revenue base is expanding steadily.
“Our focus is ensuring these numbers improve lives. We want food on the table, more jobs, and investments in roads, schools, and hospitals,” he said.
Source: NAN NEWS