The Federal Government says it will continue to borrow despite recording a sharp 40.5% increase in revenue in the first eight months of 2025.
According to a statement released on Wednesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Nigeria’s total revenue collections between January and August 2025 stood at a record ₦20.59 trillion, compared to ₦14.6 trillion during the same period in 2024.
The data shows a major shift away from oil dependence, with non-oil revenue now contributing 75% of total collections.
> “From January to August 2025, total collections reached ₦20.59 trillion, a 40.5 per cent increase from ₦14.6 trillion recorded in 2024. This strong performance aligns with projections, placing the government firmly on course to achieve its annual non-oil revenue target,” the Presidency noted.
Funding Gaps Still Loom
Despite this revenue boom, the government insists that borrowing remains inevitable, citing large funding shortfalls in critical areas such as infrastructure and capital projects.
On Wednesday, members of the All Indigenous Contractors Association of Nigeria staged a protest at the Ministry of Finance headquarters in Abuja, demanding payment of about ₦4 trillion owed for capital projects executed in 2024.
Analysts warn that while stronger revenues are encouraging, persistent borrowing could worsen Nigeria’s debt burden unless capital spending and project execution improve.
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