Victor EzejaThe presidency has said Nigeria is moving away from dependence on oil, as non-oil revenue has experienced an unprecedented growth in the last eight months of this year.
A statement signed by the president’s spokesman, Bayo Onanuga, said it is a direct result of reforms aimed at fiscal consolidation.
Join our WhatsApp ChannelThe statement titled ‘Nigeria’s Non-oil Revenues Power Strongest Fiscal Performance In Recent History,’ said the latest revenue figures for January to August 2025 show that total collections accruing to the Federation reached N20.59 trillion, a 40.5 per cent increase from N14.6 trillion recorded in 2024.
“This strong performance aligns with projections, placing the government firmly on course to achieve its annual non-oil revenue target,” the Presidency said.
While addressing a delegation of the Buhari Organisation led by Senator Tanko Al-Makura on Tuesday, President Bola Tinubu made reference to that revenue growth, asserting that the Federal Government is no longer borrowing from local banks.
The statement explained that out of the total collections, non-oil revenues account for three out of every four naira, with N15.69 trillion coming from non-oil sources, “showing a fundamental shift away from oil dependence.”
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While noting that inflation and FX revaluation contributed to the revenue growth, the Presidency affirmed that it was primarily driven by reforms such as digitised collection systems, customs automation, tighter enforcement, and broadened compliance.
It stated that ₦3.68 trillion was collected in H1 by Customs, ₦390 billion above target, and already 56 per cent of the full-year goal. “This reflects systemic changes, not one-off windfalls,” it stated.
It further stated that the unprecedented surge in revenues also made the FAAC allocations reach ₦2 trillion in July for the first time, giving states resources to strengthen local development.
It expressed optimism that the revenue base will continue to broaden on the back of the administration’s economic reforms, stressing that the focus is on translating these numbers into real relief for citizens “by putting food on the table, creating jobs for young people, and investing in roads, schools, and hospitals.”
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
