Nigeria’s Non-Oil Revenues Surge 40% to ₦20.59trn – Presidency

The Presidency announced on Wednesday that Nigeria’s non-oil revenues between January and August 2025 hit ₦20.59 trillion, representing a 40.5% increase from ₦14.6 trillion during the same period in 2024.

Officials attributed the robust growth to ongoing fiscal reforms, enhanced compliance, and the digitalisation of tax systems. President Bola Tinubu had earlier cited the positive revenue trajectory while addressing members of the Buhari Organisation led by Tanko Al-Makura.

Presidential spokesman Bayo Onanuga, in a statement, highlighted that the impressive results have reduced government reliance on local bank borrowing and reinforced fiscal stability despite weak oil earnings.

“This strong performance aligns with projections, placing the government firmly on course to achieve its annual non-oil revenue target.

“The President also said that the Federal Government is no longer borrowing from local banks to buttress the strong fiscal performance since the start of the year.”

The government disclosed that July 2025 marked the first time states and local councils collectively received more than ₦2 trillion from FAAC allocations, boosting subnational budgets for food security, infrastructure, and welfare programs.

Onanuga added, “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.”