Nigeria Grows From Oil As Non-oil Revenues Hit ₦20.59trn In 2024

The Presidency says Nigeria is witnessing record growth in non-oil revenues, signalling a historic shift away from oil dependence.

In a statement on Wednesday, presidential spokesperson Bayo Onanuga said President Bola Tinubu disclosed the figures while meeting with a delegation from the Buhari Organisation in Abuja.

According to the President, total non-oil revenue collections between January and August 2025 stood at ₦20.59 trillion, up 40.5 percent from ₦14.6 trillion during the same period in 2024.

He said ₦15.69 trillion came from non-oil sources, now accounting for three out of every four naira generated, adding that this was the highest mobilisation in recent history.

Tinubu attributed the rise to reforms in digital tax filings, Customs automation, enforcement, and broadened compliance, rather than temporary windfalls.

He noted that while oil revenues remain under pressure due to falling crude prices, improved collections have boosted monthly allocations to states and councils. In July 2025, FAAC disbursements crossed ₦2 trillion for the first time, enabling investment in agriculture, infrastructure, and essential services.

The President also confirmed that the Federal Government has stopped borrowing from local banks since early 2025, reflecting stronger fiscal discipline.

He admitted, however, that higher revenues alone are not enough to meet targets in education, healthcare, and infrastructure, stressing the need to ensure citizens feel the impact through jobs, food security, and better public services.

“Oil is no longer the main engine of our revenue. Nigeria’s fiscal foundations are being reshaped, and reforms are powering a more resilient economy,” Tinubu said.

The Budget Office is expected to release the final validated revenue figures at year’s end.