Nigeria’s economy is experiencing a remarkable shift, with non-oil revenue reaching an impressive N20.59 trillion from January to August 2025, marking a 40.5% increase from the N14.6 trillion recorded in the same period in 2024.
This significant growth, highlighted by Special Adviser to the President, Information and Strategy, Bayo Onanuga, in a statement on Wednesday in Abuja about what President Bola Ahmed Tinubu said during a meeting with the Buhari Organisation on September 2, 2025, reflects the success of ongoing reforms aimed at boosting fiscal stability.
The reforms, which include digitized tax systems and stricter compliance measures, have reduced Nigeria’s reliance on oil, with non-oil sources now accounting for three-quarters of total revenue at N15.69 trillion.
The Nigeria Customs Service has been a key driver, collecting N3.68 trillion in the first half of 2025, surpassing its target by N390 billion and achieving 56% of its annual goal. This success stems from automated processes and enhanced enforcement, ensuring sustainable revenue growth rather than temporary gains.
States like Rivers, known for its economic vibrancy, benefit significantly from this fiscal progress. In July 2025, the Federation Account Allocation Committee (FAAC) disbursed over N2 trillion to states and local governments, a historic milestone that provides regions like Rivers with greater resources for infrastructure, food security, and social services.
Also see: Nigeria’s Economy Stabilised, Attracting Global Interest, Tinubu Declares
Despite this achievement, President Tinubu noted that oil revenue targets are lagging due to a global slump in crude oil prices. However, the government’s reduced borrowing from local banks in 2025 signals stronger financial health.
Presidential spokesperson Bayo Onanuga, emphasized that these reforms are reshaping Nigeria’s fiscal landscape, marking the first time in decades that oil is not the primary revenue driver. While inflation and currency revaluation have played a role, the core of this growth lies in systemic changes.
Looking ahead, the administration aims to address gaps in funding for education, health, and infrastructure, as current revenues fall short of ambitious spending goals. With final figures to be validated by the Budget Office by year-end, Nigeria’s economic trajectory appears promising, fostering resilience and opportunities for states like Rivers to thrive in a diversifying economy.
