Nigeria has recorded significant gains in government revenue, foreign reserves, banking sector capitalisation and non-oil earnings following a series of fiscal and structural reforms introduced under President Bola Tinubu’s administration, according to Bamidele Atoyebi, Convener of the Bola Ahmed Tinubu Ideological Group (BAT-IG).
Atoyebi said the reforms have strengthened revenue administration across key government agencies, expanded non-oil sources of income and reduced Nigeria’s dependence on crude oil receipts, while improving the country’s overall fiscal outlook.
He said the Nigeria Revenue Service (NRS) recorded sustained growth in tax collections over the review period, rising from ₦4.95 trillion in 2020 to ₦6.41 trillion in 2021, and further to ₦10.1 trillion in 2022. Of the 2022 figure, ₦4.09 trillion came from oil taxes, while ₦5.96 trillion was generated from non-oil sources.
Revenue increased again to ₦12.37 trillion in 2023 before jumping to ₦21.7 trillion in 2024, surpassing government targets by 11 per cent.
Atoyebi said the momentum was sustained in a rolling two-year period between October 2023 and September 2025, when total collections reached ₦47.39 trillion, with non-oil taxes accounting for more than 76 per cent of total revenue.
“The shift toward non-oil revenue is one of the most important developments in Nigeria’s fiscal landscape,” he said. “It shows that government revenue is increasingly supported by broader economic activity rather than dependence on crude oil alone.”
He also highlighted developments in the oil sector, noting that the Nigerian National Petroleum Company Limited (NNPC) underwent significant changes in remittance structures following reforms in the petroleum industry.
Between 2020 and 2022, the company recorded extended periods without statutory profit remittances due to subsidy-related deductions and fuel landing costs. Following the implementation of the Petroleum Industry Act and the removal of fuel subsidy in 2023, remittances resumed, including a ₦123 billion payment in June 2023.
Oil-sector contributions strengthened further in 2025 as production rose to about 1.68 million barrels per day. Remittances to the Federation Account exceeded ₦10.07 trillion between January and August, later crossing ₦12 trillion within ten months.
He said a major policy shift came in February 2026 with Executive Order 9, which mandated direct payment of royalties, taxes and Production Sharing Contract profits into the Federation Account. The order also removed deduction mechanisms that previously reduced government inflows.
Following the reform, monthly receipts rose by about 60 per cent, increasing from ₦1.8 trillion in February to ₦2.88 trillion in March 2026.
In the customs sector, collections grew steadily from ₦1.56 trillion in 2020 to ₦2.24 trillion in 2021 and ₦2.69 trillion in 2022. Revenue climbed to ₦3.2 trillion in 2023 and further surged in subsequent years, reaching ₦7.28 trillion by late 2025. Total collections between 2020 and 2025 exceeded ₦26 trillion, with more than ₦17 trillion remitted to the Federation Account.
The growth, he said, was supported by the Nigeria Customs Service Act 2023, which abolished the seven per cent cost-of-collection deduction and introduced a revised revenue framework.
In the solid minerals sector, Atoyebi said reforms under the Ministry of Solid Minerals Development and the Solid Minerals Development Fund, including the EMERGE programme, had improved exploration, investment and value addition.
Mining revenue rose from ₦16 billion before the reforms to ₦38 billion in 2024 and surpassed ₦70 billion by late 2025. He added that over 3,000 inactive mining licences were revoked, while the sector attracted about $2.2 billion in new investments and secured $1.3 billion in additional commitments.
Nigeria’s external reserves also improved over the period. Reserves stood at $35.4 billion in 2020, rose to $40.5 billion in 2021, declined to $37.1 billion in 2022 and $34.2 billion in 2023, before rebounding to $40.8 billion in 2024.
By late 2025, reserves had climbed to $45.5 billion, reaching a 13-year high of $50.45 billion in February 2026 before moderating to about $49.49 billion in May. Net foreign exchange reserves stood at $34.8 billion.
Atoyebi said the recovery reflected improved investor confidence and stronger capital inflows into the economy.
“Rising reserves strengthen the country’s ability to withstand external shocks, support exchange-rate stability and improve investor confidence,” he said.
He also noted that the Central Bank of Nigeria concluded a 24-month banking recapitalisation exercise in which all 33 licensed banks met new minimum capital requirements.
The exercise raised ₦4.65 trillion in fresh capital, with domestic investors contributing 72.55 per cent and foreign investors 27.45 per cent.
Under the new framework, international banks are required to maintain a minimum capital base of ₦250 billion, national banks ₦125 billion and regional banks ₦25 billion.
Atoyebi described the exercise as a major milestone in strengthening the financial system, saying it would enhance banks’ capacity to support larger investments across the economy.
He said the combined impact of stronger tax collections, improved oil and customs remittances, growing mining revenues, rising reserves and a recapitalised banking sector signals the emergence of a more diversified and resilient Nigerian economy.
