The Presidency has announced a significant increase in Nigeria’s non-oil revenue, revealing that collections surged by 40 percent to reach ₦20.6 trillion.
According to a statement from the Presidential Villa on Thursday, the rise reflects ongoing efforts by the federal government to diversify the economy, reduce dependence on crude oil earnings, and strengthen domestic revenue generation.
Officials attributed the growth to reforms in tax administration, improved compliance, expansion of the tax net, and renewed efficiency within revenue-generating agencies.
“This remarkable performance underscores the progress we are making in our drive to build a resilient economy that does not rely solely on oil,” the statement said. “It demonstrates that reforms are working and Nigeria is on the path to sustainable growth.”
The Presidency further emphasized that the achievement aligns with President Bola Ahmed Tinubu’s economic recovery agenda, particularly in widening fiscal space and ensuring better funding for infrastructure, social programs, and debt servicing.
Analysts, however, cautioned that sustaining the momentum will require consistency in policy implementation, transparency, and the political will to tackle leakages within revenue-collecting agencies.
They also stressed that while the gains are commendable, Nigeria must intensify support for manufacturing, agriculture, technology, and services to consolidate non-oil revenue growth.
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