The Presidency has clarified President Bola Tinubu’s recent comments on the nation’s fiscal performance, stressing that his remarks on rising revenues and reduced borrowing were specific to non-oil collections and not a blanket claim on all government earnings.
In a statement issued on Wednesday, the State House described the January–August 2025 revenue performance as the strongest in Nigeria’s recent history, driven largely by reforms aimed at boosting non-oil income, tightening compliance, and digitising tax administration.
“The President highlighted the significant growth in non-oil revenues accruing to the Federation, federal, state, and local governments. From January to August 2025, total collections reached N20.59 trillion, a 40.5% increase from N14.6 trillion recorded in 2024. This strong performance aligns with projections, placing the government firmly on course to achieve its annual non-oil revenue target,” the statement from Aso Rock explained.
The Presidency emphasised that the government has not borrowed from local banks since the beginning of the year, attributing this to the stronger revenue inflows. However, it admitted that oil receipts in dollar terms remain below target due to the slump in global crude prices.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, noted that while inflation and exchange rate adjustments contributed to the numbers, the bulk of the improvement was reform-driven. He cited digitised tax filings, Customs automation, and tighter enforcement as major factors behind the growth.
“For the first time in decades, oil is no longer the dominant driver of government revenue,” Onanuga said. “The task ahead is to ensure that these gains are felt in the lives of our citizens through better schools, hospitals, roads, and jobs.”
The Presidency further pointed to record allocations from the Federation Account Allocation Committee (FAAC), with monthly disbursements to states and local governments surpassing ₦2 trillion in July for the first time in history. Officials said the increased transfers are designed to give subnational governments more room to tackle food security, infrastructure, and social services.
Despite the revenue surge, the Presidency conceded that the figures still fall short of the administration’s ambitions for greater investments in education, healthcare, and infrastructure, pledging to bridge the gap in the coming months.
President Tinubu had on Tuesday told a delegation of The Buhari Organisation at the Presidential Villa in Abuja that Nigeria had already met its 2025 revenue target by August.
He also said the naira had stabilised, appreciating from over ₦1,900/$ last year to about ₦1,450/$ following the unification of the exchange rate windows.