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Nigeria has recorded its strongest fiscal performance in recent history, driven by unprecedented growth in non-oil revenues, according to figures released for the period January to August 2025.
Data show that total collections reached ₦20.59 trillion, representing a 40.5% increase from the ₦14.6 trillion recorded in the same period of 2024. Non-oil revenues contributed ₦15.69 trillion, accounting for three out of every four naira collected — a fundamental shift from decades of oil dependence.
President Bola Tinubu highlighted the figures on Tuesday while addressing a delegation of the Buhari Organisation, led by Senator Tanko Al-Makura. The President noted that the country has stopped borrowing from local banks since the start of the year, pointing to stronger fiscal discipline.
He also stressed that the growth trajectory is consistent with government projections and places Nigeria firmly on track to achieve its annual non-oil revenue target.
Record Allocations to States
The administration said increased revenues have translated into record disbursements to states and local governments. In July 2025, monthly allocations through the Federation Accounts Allocation Committee (FAAC) surpassed ₦2 trillion for the first time, expanding the fiscal space for subnational governments to invest in food security, infrastructure, and social services.
Customs Performance and Reforms
Customs collections have also exceeded expectations, with ₦3.68 trillion realised in the first half of 2025 — ₦390 billion above target, already covering 56% of the full-year goal. Officials attributed this to systemic reforms such as digitised tax filings, Customs automation, tighter enforcement, and broadened compliance, rather than one-off windfalls.
Challenges Remain
Despite the gains, the President acknowledged that revenues still fall short of the administration’s ambitions for education, health, and infrastructure. He reiterated that efforts are ongoing to address these gaps.
Presidency Reacts
Bayo Onanuga, Special Adviser to the President on Information and Strategy, said the developments mark a fundamental restructuring of Nigeria’s fiscal foundations.
“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 these gains are felt in better schools, hospitals, roads, and jobs,” Onanuga said.
What This Means
Record Revenues: ₦20.59 trillion collected in eight months — the highest in history.
Shift to Non-Oil: Non-oil collections now drive 75% of revenues.
Reforms at Work: Digital filings, Customs automation, and tighter compliance delivering results.
States Empowered: FAAC disbursements crossed ₦2 trillion for the first time.
On Track: Collections are ahead of expectations, with final validation due at year-end.
Officials say the priority now is to ensure the rising revenues translate into relief for citizens, through lower food insecurity, more jobs, and improved social services.
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