Nigeria has recorded significant increases in government revenue, foreign reserves, banking sector capital, and non-oil earnings following a series of fiscal and structural reforms introduced under the President Bola Tinubu administration, the convener of Bola Ahmed Tinubu Ideological Group (BAT-IG), Bamidele Atoyebi, has said.
Atoyebi said the reforms had strengthened revenue collection across key government agencies, reduced reliance on oil receipts, and improved the country’s fiscal outlook.
“President Tinubu is applying the same reform-driven approach that transformed Lagos into an economic powerhouse,” a statement quoted Atoyebi as saying.
The statement added, “True nation-building often requires difficult decisions and structural adjustments before the benefits become visible.
“The results emerging across revenue generation, foreign reserves and investment flows suggest that those reforms are beginning to yield measurable outcomes.”
It said Federal Inland Revenue Service (FIRS) recorded substantial growth in tax collections over the period.
Atoyebi said revenue rose from N4.95 trillion in 2020 and N6.41 trillion in 2021, to N10.1 trillion in 2022, comprising N4.09 trillion from oil taxes and N5.96 trillion from non-oil sources.
Collections increased further to N12.37 trillion in 2023 before reaching N21.7 trillion in 2024, exceeding government targets by 11 per cent, he stated.
He said the momentum continued through a rolling two-year period between October 2023 and September 2025, when total collections reached N47.39 trillion. Non-oil taxes accounted for more than 76 per cent of the total revenue generated during the period.
Atoyebi said the figures reflected the growing importance of economic diversification and stronger tax administration.
He stated, “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.”
Atoyebi said Nigerian National Petroleum Company Limited (NNPC) also witnessed significant changes in remittance structures following reforms in the petroleum sector.
Between 2020 and 2022, the company recorded prolonged periods without statutory profit remittances to the Federation Account because subsidy-related costs and fuel landing expenses were deducted at source.
Following the implementation of the Petroleum Industry Act and the removal of fuel subsidy in 2023, remittances resumed, including a N123 billion payment in June of that year.
Oil-sector contributions increased further in 2025 as production climbed to about 1.68 million barrels per day, the BAT-IG convener stated. He said remittances to the Federation Account exceeded N10.07 trillion between January and August and later crossed N12 trillion within 10 months.
A major turning point came in February 2026 with the implementation of Executive Order 9, which required royalties, taxes and Production Sharing Contract profits to be paid directly into the Federation Account, Atoyebi said. He added that the order also ended deduction mechanisms that previously reduced the volume of funds available to government.
He said as a result, monthly receipts increased by 60 per cent, rising from N1.8 trillion in February to N2.88 trillion in March 2026.
According to Atoyebi, Nigeria Customs Service also reported steady revenue growth during the reform period. Collections increased from N1.56 trillion in 2020 to N2.24 trillion in 2021 and N2.69 trillion in 2022, he said.
He added that revenue reached N3.2 trillion in 2023, then rose sharply in subsequent years.
He explained that by late 2025, customs had generated N7.28 trillion, while total collections between 2020 and 2025 exceeded N26 trillion. More than N17 trillion was remitted to the Federation Account during the period, he said.
Atoyebi said the revenue gains were supported by the Nigeria Customs Service Act 2023, which abolished the long-standing seven per cent cost-of-collection deduction model and introduced a revised revenue framework.
The solid minerals sector also recorded growth following reforms introduced by the Ministry of Solid Minerals Development and the Solid Minerals Development Fund through the EMERGE programme, he said.
He stated that the initiative focused on mineral exploration, critical minerals development, and research funding aimed at promoting local value addition and processing.
Atoyebi explained that mining revenue increased from a pre-reform level of N16 billion to N38 billion in 2024 and surpassed N70 billion by late 2025.
He said the reforms led to the revocation of more than 3,000 inactive mining licences, attracted approximately $2.2 billion in fresh investments and facilitated an additional $1.3 billion in active investment commitments.
Nigeria’s foreign reserves also improved after years of volatility, he stated.
He said external reserves stood at $35.4 billion in 2020 and rose to $40.5 billion in 2021 before declining to $37.1 billion in 2022 and $34.2 billion in 2023. Reserves recovered to $40.8 billion by the end of 2024 and climbed to $45.5 billion by late 2025.
Atoyebi said the improvement reflected stronger investor confidence and growing capital inflows.
“Rising reserves strengthen the country’s ability to withstand external shocks, support exchange-rate stability and enhance investor confidence in the economy,” he said.
Bennett Oghifo
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