Nigeria Reaping Record Revenue Gains from Tax, Oil, Mining Reforms, Says Group

Nigeria is witnessing significant increases in government revenue, foreign reserves, and non-oil earnings, attributed to fiscal and structural reforms implemented by President Bola Tinubu's administration. Bamidele Atoyebi, convener of the Bola Ahmed Tinubu Ideological Group (BAT-IG), stated that these reforms have bolstered revenue collection across key agencies and reduced the nation's reliance on oil.

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President Tinubu is applying the same reform-driven approach that transformed Lagos into an economic powerhouse.

Atoyebi drew a parallel between Tinubu's current approach and his past success in transforming Lagos into an economic hub. He noted that nation-building often requires difficult decisions, and the emerging results in revenue generation and investment flows indicate that these reforms are yielding tangible outcomes. The Federal Inland Revenue Service (FIRS) has reported substantial growth in tax collections.

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True nation-building often requires difficult decisions and structural adjustments before the benefits become visible.

According to Atoyebi, tax revenue surged from N4.95 trillion in 2020 to N21.7 trillion in 2024, exceeding government targets by 11%. Notably, non-oil taxes constituted over 76% of the total revenue during a rolling two-year period from October 2023 to September 2025, reaching N47.39 trillion. This shift highlights the growing importance of economic diversification and enhanced tax administration.

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The results emerging across revenue generation, foreign reserves and investment flows suggest that those reforms are beginning to yield measurable outcomes.

Reforms in the petroleum sector have also impacted the Nigerian National Petroleum Company Limited (NNPC). Following the implementation of the Petroleum Industry Act and the removal of fuel subsidies in 2023, NNPC's remittances to the Federation Account resumed, with significant payments recorded in subsequent periods. Oil sector contributions have further increased as production levels rise, demonstrating a more robust fiscal landscape.

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The shift toward non-oil revenue is one of the most important developments in Nigeria’s fiscal landscape. It demonstrates that government revenue is increasingly being supported by broader economic activity rather than dependence on crude oil earnings alone.