The presidency says the federal government generated ₦20.59 trillion in revenue between January and August 2025, with the non-oil sector contributing ₦15.69 trillion, representing three-quarters of the total.
According to a statement on Wednesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the revenue performance marks a historic shift away from oil dependence.
“With ₦15.69 trillion collected, non-oil revenues account for three out of every four naira, showing a fundamental shift away from oil dependence,” the statement read.
Tinubu: Revenue Target Met Ahead of Schedule
On Tuesday, President Bola Ahmed Tinubu announced that Nigeria had achieved its 2025 revenue target months ahead of schedule. He credited the feat to robust non-oil earnings and ongoing fiscal reforms, stressing that the government is no longer borrowing from local banks.
“This reflects strong fiscal performance since the start of the year and progress in stabilising the economy despite external pressures,” the president said.
Record Allocations to States and LGAs
Onanuga noted that the increased revenues have translated into record allocations to subnational governments.
“For the first time in history, monthly allocations to states and local governments crossed ₦2 trillion in July 2025, giving them greater fiscal space to fund food security, infrastructure, and social services,” he said.
Reforms Driving Growth
The presidency attributed the growth to reforms, stronger compliance, and the digitisation of tax administration.
Between January and August 2025, collections rose by 40.5% compared to ₦14.6 trillion in 2024, putting the government firmly on track to hit its annual non-oil revenue target.
Still, Onanuga acknowledged that revenues remain below the administration’s ambitions for education, health, and infrastructure.
“Nigeria’s fiscal foundations are being reshaped. For the first time in decades, oil is no longer the dominant driver of government revenue,” he said.
“The task ahead is to ensure these gains translate into better schools, hospitals, roads, and jobs for Nigerians.”
The presidency added that final validated figures would be published by the Budget Office at the end of the year.
