Nigerian President Bola Ahamed Tinubu, boasted on Tuesday to his supporters that the country has met its revenue goals for the year in August, mainly driven by trades in the non-oil sector.
“Today I can stand before you and brag that Nigeria is no longer borrowing a dime from any local bank.” He said. we’ve met our target in revenue for the whole year, we met it in August” he added boastfully.
The revenue targets for Africa’s most populous country is N36.35 trillion Naira ($23.64 billion) to fund a proposed budget of N49.74 trillion ($32.35 billion). However, the president claims all this funding has been secured already through non- oil sectors with 4 months left to spare.
In the first seven months of 2025, the non-oil sector contributed ₦13.07 trillion ($8.5 billion) in tax revenue, accounting for 75% of the total revenue (oil and non-oil) reported during that period; representing a substantial 23.36% increase from the previous year.
Agricultural exports, real estate, tax, telecommunications and trades has been the main engine driving growth in the non-oil sector in Nigeria.
The Nigerian Export Promotion Council (NEPC) reported that Nigeria’s non-oil exports reached N4.95 trillion ($3.225 billion) in the first half of 2025, a significant increase of nearly 20% compared to the same period in 2024.
Meanwhile, Africa’s largest oil producer has been experiencing a downturn with its oil revenues, the government benchmark of $75 per barrel for its national budget has appeared to be overly ambitious as crude oil has sold less than $70 per barrel since this year.
