FG Generates ₦20.59trn Non-Oil Revenue in 8 Months, Surpasses 2025 Target

 

FG Generates ₦20.59trn Non-Oil Revenue in 8 Months, Surpasses 2025 Target

The Presidency on Wednesday announced that Nigeria generated ₦20.59 trillion from the non-oil sector between January and August 2025, surpassing the federal government’s revenue target for the year.

According to a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the figure marks the strongest fiscal performance in recent history, driven by reforms aimed at improving compliance, digitising tax administration, and strengthening fiscal management.

The statement noted that the Nigeria Customs Service (NCS) recorded ₦3.68 trillion in the first half of the year — ₦390 billion above target and already 56 percent of its full-year goal.

President Bola Tinubu, while addressing a delegation of the Buhari Organisation led by Senator Tanko Al-Makura, highlighted the growth in non-oil revenues, which rose by 40.5% compared to ₦14.6 trillion in the same period of 2024. He stressed that the Federal Government has not borrowed from local banks since the beginning of the year, underscoring the impact of the improved fiscal position.

The Presidency further explained that the revenue surge has boosted allocations at the Federation Account Allocation Committee (FAAC), with disbursements to states and local governments exceeding ₦2 trillion in July for the first time in history. This, it said, has provided subnational governments with greater resources to fund food security, infrastructure, and social services.

It, however, admitted that despite the record revenue, allocations are still insufficient to meet the administration’s ambitions in education, health, and infrastructure.

Highlighting the shift away from oil dependency, the Presidency disclosed that non-oil revenues contributed ₦15.69 trillion of the total, accounting for three out of every four naira collected. While inflation and foreign exchange revaluation played a role, it said the growth was mainly reform-driven — through Customs automation, digitised filings, tighter enforcement, and expanded compliance.

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