The Presidency has announced that Nigeria is firmly on track to achieve its annual non-oil revenue target, following a record surge in collections driven by fiscal reforms and the digitisation of revenue systems.
In a statement issued on Wednesday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, described the performance as “the strongest fiscal outcome in Nigeria’s recent history.”
According to official figures, non-oil revenues between January and August 2025 hit ₦20.59 trillion, representing a 40.5 percent increase compared to the ₦14.6 trillion recorded during the same period in 2024.
“Nigeria’s fiscal foundations are being reshaped. For the first time in decades, oil is no longer the dominant driver of government revenue,” Onanuga stated.
The Presidency credited the improvement to structural reforms, including tighter tax enforcement, Customs automation, and the expansion of digital tax filing platforms. It emphasised that the next step is to ensure these gains translate into tangible benefits for citizens.
“The task ahead is to ensure these gains are felt in better schools, hospitals, roads, and jobs,” the statement added.
Analysts Welcome Growth, Urge Transparency
Economic analysts have hailed the figures as a sign that Nigeria’s fiscal diversification strategy is beginning to deliver results. However, they warned that sustaining the momentum will depend on consistent policies and transparency in public spending.
Economic policy expert, Dr. Tunde Adebayo, told reporters that while the figures were impressive, public trust hinges on visible improvements in living standards.
“The revenue growth shows government reforms are taking effect, but citizens will only believe in the process when they experience real changes in their daily lives,” he said.
The International Monetary Fund (IMF) had previously advised Nigeria to strengthen non-oil tax mobilisation to achieve economic stability, warning that over-reliance on crude oil revenue exposes the country to global price shocks.
Path to a New Fiscal Reality
With oil revenue now accounting for less than half of federal receipts, the Presidency said Nigeria is edging closer to “a new fiscal reality.”
It noted that the coming months will focus on widening the tax base, closing revenue leakages, and aligning government spending with developmental priorities.
Observers believe the improved revenue performance could reduce Nigeria’s dependence on borrowing, but they caution that high inflation, unemployment, and poverty remain pressing challenges that must be urgently addressed.
