Nigeria has achieved its full-year revenue target for 2025 by August, President Bola Ahmed Tinubu announced on Tuesday, attributing the milestone to the strong performance of the non-oil sector.
Speaking at the Presidential Villa during a meeting with founding members of the defunct Congress for Progressive Change (CPC) and The Buhari Organisation, led by former Nasarawa State Governor Umaru Tanko Al-Makura, Tinubu said the development showed that economic reforms were working.
“The revenue target for 2025 was realised in August, with the bulk of it coming from the non-oil sector,” the President said. “The economy is now stabilised. Nobody is trading pieces of paper for foreign exchange anymore. The economy is now predictable. You do not need to know the CBN Governor to obtain forex or import goods.”
Non-oil takes the lead
Government data shows that between January and July 2025, Nigeria’s tax revenues hit ₦17.4 trillion, with about ₦13.07 trillion (75%) generated from non-oil sources, while oil accounted for ₦4.25 trillion (25%). By mid-year, tax collections stood at ₦14.27 trillion, marking a 43% rise compared with the same period in 2024.
The Federal Government had projected ₦34.8 trillion–₦36.35 trillion in total revenue for 2025. By August, collections had already crossed this threshold, effectively meeting the target four months ahead of schedule.
Reform gains, next steps
President Tinubu credited reforms in taxation, subsidy removal, and forex market liberalisation for stabilising the economy. He said the next phase would focus on boosting exports and job creation.
“What we need now is building the ship and the vessels for the export of our goods and creating more jobs for our people,” Tinubu noted, adding that agricultural mechanisation centres would be established nationwide to expand food production and secure sovereignty.
Political assurance
The President also pledged to sustain the legacies of former President Muhammadu Buhari, promising to immortalise him with a Buhari House.
House of Representatives Speaker Tajudeen Abbas praised Tinubu for inclusive leadership, while Al-Makura assured that former CPC members remain committed to the success of his administration and the APC’s future electoral victories.
