Non Oil Revenue Rises By 40.5 Per Cent

By; PETER NOSAKHARE, Kaduna

The Presidency has said that Nigeria is witnessing a historic shift in its public finances, with non-oil revenues driving the country’s strongest fiscal performance in decades.

It said that between January and August 2025, total government collections surged to 20.59 trillion Naira, a 40.5 per cent increase compared with 14.6 trillion Naira recorded in the same period last year, adding that significantly, 15.69 trillion Naira came from non-oil sources, accounting for three out of every four naira collected.

Officials described the figures as a decisive break from decades of dependence on crude oil exports.

Presidential Spokesperson, Bayo Onanuga, in a statement, said: “This is a watershed moment for our economy.

“For the first time in decades, oil is no longer the dominant driver of government revenue. Reforms, compliance, and digitisation are powering a more resilient economy.”

President Bola Tinubu, however, also underscored the performance on Tuesday while receiving a delegation of the Buhari Organisation, led by Senator Tanko Al-Makura, at the State House, Abuja.

He said the numbers are proof that government reforms to expand the revenue base and strengthen compliance are working.

The Presidency explained that the boost in revenue is already being felt across the federation through unprecedented disbursements from the Federation Account Allocation Committee (FAAC).

However, Tinubu has consistently argued that stronger fiscal foundations are critical to achieving his administration’s Renewed Hope Agenda.

The president also declared that Nigeria’s standing in the comity of nations has risen as a result of his administration’s economic reforms, which have stabilised the economy and restored confidence at home and abroad.

Also speaking while receiving the Soun of Ogbomosoland, Oba Ghandi Afolabi Olaoye, Orumogege III, and other royal fathers at the State House, President tin said two years of difficult but necessary decisions had yielded results.

The President highlighted the creation of the Nigeria Education Loan Fund (NELFUND) as one of the landmark policies to ensure that no student drops out of school due to poverty.

Oba Olaoye praised Tinubu for his courage in removing fuel subsidy and introducing foreign exchange reforms, saying the measures had restored credibility to the economy.