By Denis Matthew, Abuja
President Bola Tinubu has announced a significant surge in the Federal Government’s revenue collection, which climbed to ₦27.8 trillion as of August 2025.
This achievement surpasses the annual revenue target of ₦18.32 trillion.
The disclosure was made by Vice President Kassim Shettima, who represented the President at the 31st Nigerian Economic Summit (NES31) in Abuja, themed: “Building a Prosperous and Inclusive Nigeria by 2030.”
President Tinubu affirmed that while the government is fully aware of the obstacles ahead, including economic inequality, insecurity, and infrastructural deficits, he stressed that the solution is to “stay the course and continue with the changes that will define the Nigeria of tomorrow.”
The President highlighted several key indicators demonstrating the success of the administration’s reforms. The economy expanded to ₦372.8 trillion in 2024, up from ₦309.5 trillion in 2023. Total revenue collection rose from ₦19.9 trillion in 2023 to ₦25.2 trillion in 2024, before reaching the ₦27.8 trillion figure in August 2025. Crucially, the debt service-to-revenue ratio has been sharply reduced from 97 per cent to less than 50 per cent. This performance inspired Fitch to upgrade Nigeria’s sovereign rating to B with a stable outlook, and Moody’s to lift the issuer rating to B3, citing improved economic foresight.
Tinubu noted that the reforms have begun to yield tangible results across sectors, with the country recording a GDP growth of 4.23 per cent in September 2025, surpassing projections from multilateral agencies. Non-oil revenues grew by 411 per cent year-on-year in the same month, and the tax-to-GDP ratio nudges 13.5 per cent, up from barely 7 per cent a few years ago.
Furthermore, the debt-to-GDP ratio stands at 38.8 per cent, well below the 60 per cent limit set by the Fiscal Responsibility Act.
The President stated that the stability in the foreign exchange market is a result of deliberate policy choices, including fuel subsidy removal, which have rescued public finances, stabilized the economy, and reassured investors.
“Through these reforms, our external reserves have grown to $43 billion as of September 2025,” he said.
“Our trade balance also improved to ₦7.46 trillion in the second quarter of 2025, up from ₦5.17 trillion in the first quarter.”
In the oil sector, Nigeria is currently producing an average of 1.8 million barrels of oil per day (bpd) and is working towards achieving 2 million bpd by the end of the 2025 fiscal year.
The contribution of the Ministry of Solid Minerals Development to the Federation Account also saw a remarkable improvement, generating ₦12.58 billion in 2024 through mineral title applications and related fees, signaling an awakening in the sector.
Tinubu reiterated that a key secret to a successful federation is empowering each unit. To this end, his administration increased the states’ monthly allocations to allow them to fund critical projects and social interventions. As a people-oriented government, the priority remains restoring hope to the unemployed and vulnerable.
The government has created pathways for young Nigerians to access grants, loans, and equity investments of up to $100,000 to scale their enterprises. Additionally, a ₦200 billion fund has been established to support micro, small, and medium enterprises (MSMEs) and manufacturers, helping them overcome structural challenges.
The President also highlighted the four Tax Reform Acts recently signed into law the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act which represent a bold recalibration of the fiscal architecture designed to boost domestic revenue mobilization and simplify compliance.