The Presidency quoted President Bola Tinubu as making a pointed reference to the positive growth trajectory in non-oil revenue mobilisation on Tuesday while addressing a delegation of the Buhari Organisation led by Senator Tanko Al-Makura, which a section of the media has reported out of context.

The presidency highlighted the significant growth in non-oil revenues accruing to the federation, federal, state, and local governments.

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

This strong performance, he said, aligned with projections, placing the government firmly on course to achieve its annual non-oil revenue target.

The presidency also said that the federal government was no longer borrowing from local banks to buttress the strong fiscal performance since the start of the year.

The presidency commented on tax revenues, “which do not include dollar oil receipts, where targets are not being met because of the slump in the crude oil market.”

He said as part of his administration’s inclusive growth policy, resources were being directed closer to the people.

He said as a result, increased revenues had translated into record FAAC disbursements.

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.

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He said notwithstanding, the increases in revenues did not yet match the his ambitions for expenditures on education, health, and infrastructure; therefore, all efforts were being made to address these gaps.

Commenting on the figures, Bayo Onanuga, spokesperson to President Bola Tinubu, stated, “Nigeria’s fiscal foundations are being reshaped. For the first time in decades, oil is no longer the dominant driver of government revenue. 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.”

What You Need to Know

The Presidency highlighted the following:

– Record Revenues: Nigeria mobilised ₦20.59 trillion in eight months, the most substantial collection in recent history.

– Non-Oil is Now the Engine: With ₦15.69 trillion collected, non-oil revenues account for three out of every four naira, showing a fundamental shift away from oil dependence.

– Beyond Inflation: While inflation and FX revaluation contributed, the uplift is primarily reform-driven — digitised filings, Customs automation, tighter enforcement, and broadened compliance.

Customs Overperformance: ₦3.68 trillion was collected in H1, ₦390 billion above target, and already 56% of the full-year goal. This reflects systemic changes, not one-off windfalls.

States’ Fiscal Space Expanded: FAAC allocations reached ₦2 trillion in July for the first time, giving states resources to strengthen local development.

– On Track, Not Overclaiming: The government affirms collections are ahead of pro-rata expectations, with final validation to be published by the Budget Office at the end of the year.

“Revenues are rising, the base is broadening, and reforms are working. The priority is translating these numbers into real relief for citizens by putting food on the table, creating jobs for young people, and investing in roads, schools, and hospitals,” the Presidency said.

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The president made the announcement on Tuesday in Abuja.

He said that the bulk of the revenue came from the non-oil sector.

The president assured Nigerians that the Renewed Hope Agenda was firmly anchored on building critical infrastructure, improving health facilities, ensuring food sovereignty, and providing security.

He spoke at a meeting at the Presidential Villa with the founding members of the defunct Congress for Progressive Change and The Buhari Organisation, led by the former Governor of Nasarawa State, Umaru Tanko Al-Makura.

President Tinubu said that the economy was heading in the right direction.

“The economy is now stabilised. Nobody is trading pieces of paper for foreign exchange (forex) anymore. The economy is now predictable. You do not need to know the CBN Governor, Yemi Cardoso, to obtain foreign exchange or import goods.

“What we need now is building the ship and the vessels for the export of our goods and creating more jobs for our people,” the president noted.

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He said the federal government would establish agricultural mechanisation centres in all regions of the country to build capacity, expand cultivation and harvest, and guarantee food sovereignty.

“We are going to have trainees. That programme is our path to food sovereignty. ”

Reflecting on his longstanding relationship with the CPC, President Tinubu described the political journey and merger as “a sweet memory,” and expressed gratitude to the group for their support:

“When I see people like you, I am determined to work harder.”

President Tinubu assured the delegation that the legacies of former President Muhammadu Buhari would be sustained and immortalised with a Buhari House, adding that more members of the old CPC would be given opportunities to participate in the government.

“Thank you for your patience until now. But first of all, we must cure the economy and bring hope to the people, which is what we stand for. Thank you for believing in me,” he said.

The Speaker of the House of Representatives, Tajudeen Abbas, thanked President Tinubu for his statesmanship and magnanimity towards the people and government of Katsina State.

Abbas thanked the president for his vision and broadmindedness in accommodating all political stakeholders.

The leader of the delegation and former Governor of Nasarawa State, Al-Makura, said members of the former Congress for Progressive Change were committed to the success of the APC government.

Al-Makura thanked the president for his extensive participation in the final rites for President Buhari.

“You not only buried President Buhari but also honoured him and ensured a befitting state burial with full military honours. Above all, your presence throughout the ceremony was comforting as it was reassuring,” Al-Makura stated.

He assured President Tinubu of the group’s loyalty and support.

“This is to assure you that we believe in your administration, and that will be our focus and commitment to ensure the success of our party and your ultimate victory in the 2027 elections,” Al-Makura stated.

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A source at the commission disclosed this to the News Agency of Nigeria, NAN, on Wednesday evening.

As of the time of filing this report, the couple were being grilled by operatives of the anti-graft agency at its headquarters in Abuja.

The source did not give details of the allegation against the ex-governor and his wife.

Spokesperson of EFCC, Mr Wilson Uwujaren, when contacted declined comment on the couple’s arrest.

Al-Makura was the Governor of Nasarawa State between 2011 and 2019 before he was elected as senator representing Nasarawa South Senatorial District at the National Assembly.

Source: NAN

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