On Wednesday, the Presidency revealed that Nigeria’s fiscal performance has reached new heights, with N20.59 trillion in revenues generated from January to August 2025.
The data shows a significant 40.5 percent increase compared to N14.6 trillion during the same timeframe in 2024, with non-oil revenue sources contributing N15.69 trillion, which accounts for three-quarters of the total.
This information was shared in a statement on Wednesday by Bayo Onanuga, the Special Adviser to the President on Information and Strategy.
Onanuga mentioned that President Bola Tinubu, while meeting with a delegation from the Buhari Organisation led by Senator Tanko Al-Makura on Tuesday, credited this achievement to reforms focused on enhancing compliance, digitizing tax administration, and minimizing government borrowing.
Tinubu pointed out that the Federal Government has not taken any loans from local banks since the beginning of the year.
Onanuga further explained that the President indicated that the rise in revenues has led to unprecedented disbursements to subnational governments.
He noted that, for the first time, monthly allocations from the Federation Account Allocation Committee to states and local governments surpassed N2 trillion in July 2025.
Despite these positive developments, Tinubu acknowledged that revenues are still not enough to fully support government goals in education, health, and infrastructure, but he assured that efforts are being made to address these shortfalls. Onanuga characterized this progress as a significant departure from decades of reliance on oil.
“Nigeria’s fiscal foundations are undergoing a transformation. For the first time in many years, oil is no longer the primary source of government revenue. The blend of reforms, compliance, and digitization is fostering a more resilient economy,” Onanuga stated.
Additionally, the Presidency highlighted that the Nigeria Customs Service collected N3.68 trillion in the first half of 2025, surpassing its target by N390 billion and achieving 56 percent of its overall goal.