The Presidential office declared on Wednesday that Nigeria’s fiscal standing has reached unprecedented heights, amassing N20.59 trillion in revenues from January through August 2025.
The disclosed statistics indicate that these collections reflect a striking 40.5 per cent surge compared to N14.6 trillion during the equivalent timeframe in 2024, with non-oil revenue sources contributing an astounding N15.69 trillion — accounting for three-quarters of the overall sum.
This information was conveyed in a statement on Wednesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
Onanuga indicated that President Bola Tinubu, upon welcoming a delegation from the Buhari Organisation led by Senator Tanko Al-Makura on Tuesday, credited this remarkable performance to sweeping reforms designed to enhance compliance, digitalise tax administration, and curtail government borrowing.
Tinubu pointed out that the Federal Government has refrained from borrowing from domestic banks since the year commenced.
Onanuga further clarified that the President asserted these surging revenues have resulted in unprecedented disbursements to subnational governments.
He elaborated that, remarkably, 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 advancements, he noted that Tinubu acknowledged the revenues are still inadequate to fully fulfil governmental objectives in education, health, and infrastructure, yet he assured that initiatives are underway to address these deficits.
Onanuga characterized this development as a significant departure from decades of oil dependency.
“Nigeria’s fiscal framework is undergoing a transformative overhaul. For the first time in decades, oil is no longer the principal engine driving government income. A combination of reforms, compliance, and digitalisation fosters a more robust economy,” Onanuga declared.
The Presidential office additionally highlighted that the Nigeria Customs Service amassed N3.68 trillion in the first half of 2025, surpassing its objective by N390 billion and accomplishing 56 per cent of its annual target.
It underscored that while inflation and currency reassessment contributed to this increase, the growth is largely a product of reform initiatives. The final affirmation of revenue figures will be released by the Budget Office at the close of the year.
