By Charles Pemu 
Abuja, Nigeria — The Presidency has announced that Nigeria is firmly on track to meet its annual non-oil revenue targets, a key sign of success for the administration’s fiscal reforms.
In a statement released Wednesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, new figures show a dramatic increase in collections, driven by fiscal reforms, improved tax compliance, and digitized revenue systems. The statement, titled ‘Nigeria’s Non-oil Revenues Power Strongest Fiscal Performance In Recent History,’ highlighted that non-oil revenues reached a historic N20.59 trillion between January and August 2025. This represents a robust 40.5% increase from the N14.6 trillion collected during the same period last year.
According to Onanuga, this is the “strongest fiscal performance in Nigeria’s recent history.” He added that “for the first time in decades, oil is no longer the dominant driver of government revenue,” with non-oil sources now accounting for three out of every four naira collected, totaling N15.69 trillion. The Presidency attributes the impressive growth to a series of structural reforms, including improved enforcement, Customs automation, and a new digital tax filing system. Notably, Customs alone collected N3.68 trillion in the first half of the year, exceeding its target by N390 billion. The statement clarified that these gains are “reform-led,” not “one-off windfalls.”
President Tinubu, speaking to a delegation at the State House on Sunday, pointed to the revenue growth as proof of improving public finance. He also noted that the Federal Government has stopped borrowing from local banks, which is easing pressure on the domestic credit market.
The positive financial performance is also having a direct impact on the sub-national level. For the first time, monthly allocations to Nigeria’s 36 states and 774 Local Governments surpassed N2 trillion in July, driven by increased Federation Account disbursements. Officials say this improved fiscal space allows states to boost spending on critical sectors like infrastructure, agriculture, and social services.
Despite the encouraging outlook, the Presidency acknowledged that oil-related revenues remain under pressure due to slumping crude prices and unmet production targets. The final year-end fiscal results will be provided by the Budget Office.
The Presidency concluded by stating that the ultimate goal is to translate these numbers into tangible relief for citizens, “by putting food on the table, creating jobs for young people, and investing in roads, schools, and hospitals.”