The Presidency on Wednesday said Nigeria is experiencing a historic turnaround in public finances, with non-oil revenues now driving the country’s strongest fiscal performance in decades.
Presidential spokesperson, Bayo Onanuga, disclosed that total government collections between January and August 2025 reached N20.59 trillion, representing a 40.5 per cent increase from N14.6 trillion in the same period last year. Of the amount, N15.69 trillion came from non-oil sources, accounting for three-quarters of total revenue.
“This is a watershed moment for our economy. For the first time in decades, oil is no longer the dominant driver of government revenue. Reforms, compliance, and digitisation are powering a more resilient economy,” Onanuga said.
The announcement coincided with President Bola Tinubu’s assertion that his administration’s reforms to broaden the revenue base and strengthen fiscal discipline are yielding results. Receiving a delegation of the Buhari Organisation led by Senator Tanko Al-Makura at the State House, Abuja, Tinubu said: “We have laid the foundations for a fairer, stronger fiscal system that will deliver for all Nigerians. Our revenues are growing because we are making every naira count.”
The Presidency noted that higher revenues have translated into record disbursements from the Federation Account Allocation Committee (FAAC). In July, allocations to states and local governments exceeded N2 trillion for the first time. It also revealed that the federal government has not borrowed from local banks in 2025, marking a break from years of deficit financing.
According to the figures, the Nigeria Customs Service collected N3.68 trillion in the first half of the year, surpassing its target by N390 billion, while the Federal Inland Revenue Service expanded digitised tax administration to capture more businesses and individuals. Officials said reforms, rather than windfalls, were responsible for the improved performance.
Tinubu, while receiving the Soun of Ogbomosoland, Oba Ghandi Afolabi Olaoye, and other traditional rulers at the State House, said the economy had stabilised after years of neglect, corruption, and smuggling. “The bleeding has stopped. Haemorrhage is gone; the patient is alive,” he declared.
He said initiatives such as the Nigeria Education Loan Fund (NELFUND) were designed to ensure no student drops out of school due to poverty, adding that education remains the most effective weapon against deprivation.
The monarch, Oba Olaoye, commended the President’s reforms, particularly subsidy removal and foreign exchange unification, and requested federal support for power, water supply, healthcare, and agricultural development in Ogbomoso.
Tinubu pledged to engage relevant ministers on the requests and assured the delegation that his administration would continue to pursue policies aimed at food security, infrastructure, and national development.
