By Henry Obetta
Convener of the Bola Ahmed Tinubu Ideological group, BAT-IG, Mr Bamidele Atoyebi has said that the fiscal and structural reforms introduced under President Bola Tinubu’s administration has made Nigeria to record significant increases in government revenue, foreign reserves, banking sector capital and non-oil earnings.
The convener made this claim while citing changes of records across the Federal Inland Revenue Service, FIRS, the Nigerian National Petroleum Company Limited NNPC, the Nigeria Customs Service, the Solid Minerals sector, Nigeria’s foreign reserves and the Central Bank of Nigeria.
At the Federal Inland Revenue Service (FIRS), Atoyebi highlighted a significant rise in revenue generation over the years. Collections increased from ₦4.95 trillion in 2020 to ₦6.41 trillion in 2021 and ₦10.1 trillion in 2022. The upward trajectory continued with revenue reaching ₦12.37 trillion in 2023 before surging to ₦21.7 trillion in 2024, surpassing the government’s target by 11 per cent.
The growth momentum was sustained over a rolling two-year period between October 2023 and September 2025, during which total revenue collections stood at ₦47.39 trillion. Notably, non-oil taxes contributed more than 76 per cent of the total revenue generated within the period, underscoring the increasing diversification of Nigeria’s revenue base.
Atoyebi said the figures reflect the growing importance of economic diversification and stronger tax administration.
He said “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 while citing records in Nigeria foreign reserves which grew from $35.4 billion in 2020 to $49.49 billion in May 2026 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.
Following the conclusion of the Central Bank of Nigeria 24-month banking recapitalisation programme which required banks to maintain a minimum capital base of ₦250 billion, national banks ₦125 billion and regional banks ₦25 billion, the BAT-IG Convener, described the recapitalisation exercise as a major step toward strengthening the financial system.
He said “A stronger banking sector provides the foundation for sustainable economic growth.
The successful completion of recapitalisation by all institutions demonstrates resilience within the financial system and positions banks to support larger investments across the economy,”
He added that the combination of higher tax revenues, increased oil remittances, growing mining receipts, stronger reserves and a recapitalised banking sector points to the emergence of a more diversified and resilient Nigerian economy.
According to Atoyebi, the reforms have strengthened revenue collection across key government agencies, reduced reliance on oil receipts and improved the country’s fiscal outlook.
He said “President Tinubu is applying the same reform-driven approach that transformed Lagos into an economic powerhouse,”
“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.”
