The presidency says the federal government generated N20.59 trillion in revenue between January and August, with the non-oil sector contributing N15.69 trillion, according to a statement on Wednesday by Bayo Onanuga, special adviser to the president on information and strategy.

“With N15.69 trillion collected, non-oil revenues account for three out of every four naira, showing a fundamental shift away from oil dependence,” the presidency said.

On Tuesday, President Bola Tinubu announced that Nigeria had achieved its 2025 revenue target ahead of schedule.

Tinubu said the achievement was driven by robust non-oil revenues, stressing that Nigeria has continued to stabilise its economy despite external challenges.

He noted that the federal government has stopped borrowing from local banks, underscoring the strength of its fiscal performance since the start of the year.

“From January to August 2025, total collections reached N20.59 trillion, a 40.5% increase from N14.6 trillion recorded in 2024,” the statement reads.

“This strong performance aligns with projections, placing the government firmly on course to achieve its annual non-oil revenue target.”

Onanuga noted that the surge in revenues has resulted in record allocations to subnational governments.

“For the first time in history, monthly allocations to states and local governments crossed ₦2 trillion in July 2025, providing subnational governments with greater fiscal space to fund food security, infrastructure, and social services,” he said.

He acknowledged that revenues, though higher, are still below the administration’s goals for education, health, and infrastructure, but emphasized that measures are being taken to bridge the gaps.

According to Onanuga, reforms, stronger compliance, and digitisation are fueling the resilience of the economy.

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

“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 presidency said revenue collections have exceeded expectations, adding that the budget office will release the final validated figures at the end of the year.