Tinubu hails surge in non-oil revenues, declares end to local borrowing

President Tinubu says Nigeria has recorded its “strongest fiscal performance in recent history” citing a rise in non-oil revenue collections between January and August 2025.

Bayo Onanuga, Special Adviser to the President on Information and Strategy, released the statement on his official X platform on Wednesday.

The Tinubu-led administration attributed the latest revenue figures to ongoing reforms aimed at strengthening compliance and digitising tax administration.

According to the Presidency, revenues accruing to the federation; as well as federal, state, and local governments, totalled ₦20.59 trillion between January and August 2025.

“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 reads.

Tinubu also announced that the Federal Government had stopped borrowing from local banks since the start of the year, describing it as further evidence of fiscal discipline.

He, however, admitted that tax revenue targets not linked to oil receipts had not been fully met due to the slump in global crude prices.

Speaking further, the presidency noted that the revenue boost had translated into record allocations to states and local governments.

“As part of this administration’s inclusive growth policy, resources are being directed closer to the people.

“Therefore, increased revenues have translated into record FAAC disbursements. For the first time in history, monthly allocations to states and local governments crossed ₦2 trillion in July 2025.

“This provides subnational governments with greater fiscal space to fund food security, infrastructure, and social services,” he added.

To conclude, the presidency acknowledged the usual dependence on oil as a source of revenue and the diversification the current administration has introduced.

“Nigeria’s fiscal foundations are being reshaped. For the first time in decades, oil is no longer the dominant driver of government revenue.

“The combination of reforms, compliance, and digitisation powers a more resilient economy. The task ahead is to ensure that these gains are felt in the lives of our citizens and in better schools, hospitals, roads, and jobs,” the statement concluded.