Nigeria posts ₦20.59 trillion revenues in eight months, strongest in History

By Kazeem Ugbodaga

Nigeria has recorded its strongest fiscal performance in decades, with non-oil revenues powering unprecedented growth in government collections between January and August 2025.

According to figures released by the Presidency, total revenues during the eight-month period stood at ₦20.59 trillion, representing a 40.5 per cent increase compared to the ₦14.6 trillion collected in the same period of 2024.

Non-oil revenues accounted for ₦15.69 trillion, three out of every four naira, reflecting a historic shift away from oil dependence.

President Bola Tinubu, while receiving a delegation of the Buhari Organisation led by Senator Tanko Al-Makura, described the surge in non-oil collections as evidence that fiscal and tax reforms are working.

He noted that the government has stopped borrowing from local banks since the beginning of the year, a clear sign of stronger public finances.

“For the first time in history, monthly allocations to states and local governments crossed ₦2 trillion in July 2025, giving subnational governments the fiscal space to invest in food security, infrastructure, and social services,” the President said.

Despite the revenue boost, the President admitted that current figures still fall short of his administration’s ambitions for expanding investment in education, healthcare, and infrastructure.

He pledged to sustain reforms that will broaden revenue streams and deliver tangible improvements in the lives of Nigerians.

The strong fiscal performance was underpinned by digitised tax filings, automation of Customs operations, broadened compliance, and stricter enforcement. Customs collections alone hit ₦3.68 trillion in the first half of the year — ₦390 billion above target — representing 56 per cent of the annual goal.

Bayo Onanuga, Special Adviser to the President on Information and Strategy, said the figures mark a turning point for Nigeria’s economy.

“Nigeria’s fiscal foundations are being reshaped. For the first time in decades, oil is no longer the dominant driver of government revenue. 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,” Onanuga said.

The Presidency stressed that while inflation and foreign exchange revaluation contributed to higher revenues, the bulk of the growth was reform-driven. It added that final validated figures would be published by the Budget Office at the end of the year.

With revenues rising and the tax base broadening, the Tinubu administration reiterated that its priority is to translate these gains into real relief for citizens by strengthening public services, expanding infrastructure, and creating jobs.