Nigeria Mobilises ₦20.59 Trillion in Eight Months, Marking a 40.5% Increase Over Last Year

Nigeria is experiencing one of its strongest fiscal periods in recent history, fuelled by unprecedented growth in non-oil revenues that now underpin government finances.

Our correspondent gathered from a State House briefing that between January and August 2025, Nigeria mobilised a total of ₦20.59 trillion, representing a 40.5 per cent increase over the ₦14.6 trillion collected in the same period in 2024.

President Bola Tinubu disclosed the figures while addressing a delegation of the Buhari Organisation, led by Senator Tanko Al-Makura, at the Presidential Villa in Abuja.

According to the President, non-oil revenues now dominate national income, with ₦15.69 trillion – or three-quarters of all collections – sourced outside the petroleum sector.

The reforms driving this shift include digitised tax administration, strengthened compliance, Customs automation and stricter enforcement measures.

“Nigeria’s fiscal foundations are being reshaped. For the first time in decades, oil is no longer the dominant driver of government revenue,” said Bayo Onanuga, Special Adviser to the President on Information and Strategy.

President Tinubu noted that the improved revenue performance has enabled the Federal Government to cease borrowing from local banks this year.

It has also resulted in record allocations to subnational governments, with July’s Federation Account Allocation Committee (FAAC) disbursements exceeding ₦2 trillion for the first time in history.

These funds, he said, are providing states and local governments with greater fiscal space to strengthen food security, infrastructure and essential social services.

However, the President admitted that while the figures are encouraging, they still fall short of the funding required for education, health and infrastructure.

“The task ahead,” Mr Onanuga added, “is to ensure that these gains are felt in the lives of our citizens and in better schools, hospitals, roads, and jobs.”

The Budget Office is expected to validate the final revenue numbers at the end of the year, with government sources confident that annual targets are firmly within reach.