The Presidency has issued a clarification regarding President Bola Tinubu’s recent comments on Nigeria’s revenue growth, specifically pointing out that the impressive increase pertains to non-oil government earnings and not the total national revenue. This clarification follows widespread discussions about the country’s fiscal performance in the first eight months of 2025.
A statement released by the State House explained that reforms in digital tax administration, enhanced compliance measures, and Customs automation have significantly boosted non-oil revenues. “From January to August 2025, non-oil collections hit N20.59 trillion, reflecting a 40.5% increase compared to N14.6 trillion in the same period last year,” the statement stated. This strong performance places the government on track to meet its annual non-oil revenue target.
Bayo Onanuga, Special Adviser on Information and Strategy, attributed the surge in non-oil revenues to reform-driven measures rather than inflation or exchange rate variations. “For the first time in decades, oil is no longer the primary revenue driver,” Onanuga said, pointing to the role of digitised tax filings and stricter enforcement in this transformation.
The Presidency also revealed that the government has not relied on borrowing from local banks since January 2025, thanks to the significant boost in revenue streams. However, it acknowledged that oil revenues, in dollar terms, are still below expectations due to the decline in global crude prices.
Meanwhile, both state and local governments have benefited from record monthly disbursements, which have surpassed ₦2 trillion since July through the Federation Account Allocation Committee (FAAC). These funds are being directed towards addressing vital issues such as infrastructure, food security, and essential public services at the subnational level.
President Tinubu also shared with a visiting delegation from The Buhari Organisation that Nigeria had met its 2025 revenue targets ahead of schedule, while the naira had stabilised, appreciating from around ₦1,900 per dollar to approximately ₦1,450 following the unification of exchange rates.
While celebrating these fiscal achievements, the Presidency reaffirmed its commitment to translating these gains into tangible improvements in education, healthcare, infrastructure, and employment opportunities.
