Temitope Mustapha, Abuja
The Presidency has applauded Nigeria’s strongest fiscal performance in recent history, attributing the achievement to comprehensive reforms in compliance and digitisation that have propelled non-oil revenues to unprecedented levels.
A statement by the Presidential Spokesperson, Mr. Bayo Onanuga, on Wednesday said that total collections between January and August 2025 reached ₦20.59 trillion, representing a 40.5 per cent increase from the ₦14.6 trillion recorded in the same period in 2024.
He stated that from this amount, non-oil revenues accounted for ₦15.69 trillion — three out of every four naira — confirming a fundamental shift away from oil dependence.
Mr. Onanuga recalled President Bola Ahmed Tinubu’s reference to the positive growth trajectory in non-oil revenue mobilisation while addressing a delegation of the Buhari Organisation led by Senator Tanko Al-Makura.
He highlighted the significant growth in non-oil revenues accruing to the Federation, federal, state, and local governments, stressing that the strong fiscal performance had eliminated the need for the Federal Government to borrow from local banks since the start of the year.
The Presidency emphasised that the rise in non-oil revenues was driven by reforms rather than temporary factors.
He added that Customs collections alone generated ₦3.68 trillion in the first half of the year, surpassing target by ₦390 billion and achieving 56 per cent of the annual goal.
Mr. Onanuga noted this development as evidence of systemic changes — digitised filings, Customs automation, tighter enforcement, and broadened compliance — rather than one-off windfalls.
The government also pointed to increased disbursements to states and local governments as proof of inclusive growth.
For the first time in Nigeria’s history, monthly FAAC allocations to subnational governments crossed ₦2 trillion in July 2025, providing states with greater fiscal space to fund food security, infrastructure, and social services.
He added that despite the record numbers, President Tinubu admitted that the revenue increases still fall short of his administration’s ambitions for spending on education, health, and infrastructure. He said efforts were ongoing to close these gaps.
The Presidential Spokesperson further stated that Nigeria’s fiscal foundations are being reshaped.
“For the first time in decades, oil is no longer the dominant driver of government revenue,” Onanuga said.
“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.”
The Presidency added that while inflation and FX revaluation contributed to revenue growth, the uplift was primarily reform-driven, and that final validated figures would be published by the Budget Office at the end of the year.
PIAK