The Federal Government says revenue rose 40.5 percent to ₦20.59 trillion in eight months.
Despite the surge, officials confirmed plans to secure new local and foreign loans to fund infrastructure.
The Federal Government has announced plans to take on new loans even as its revenue rose sharply by 40.5 per cent within the first eight months of 2025.
According to the Presidency, the increase was largely fueled by non-oil income, which now makes up three-quarters of total collections. Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed this in a statement on Wednesday.
Figures released showed that from January to August 2025, government earnings climbed to N20.59 trillion compared to N14.6 trillion during the same period in 2024. The statement explained that this growth was consistent with expectations and positioned the country to meet its non-oil revenue target for the year.
Despite the revenue boost, critical gaps remain in funding, especially in infrastructure. Capital expenditure has been low, and contractors are demanding payment. On Wednesday, members of the All Indigenous Contractors Association of Nigeria demonstrated at the Ministry of Finance headquarters in Abuja, insisting on the settlement of about N4 trillion owed for projects executed in 2024.
To bridge the shortfall, the government is preparing to borrow both locally and internationally. This development comes shortly after President Bola Tinubu stated in Abuja on Tuesday that Nigeria had already achieved its 2025 revenue goal ahead of schedule and would not need to depend on borrowing to finance the budget.
Meanwhile, information obtained indicates that the World Bank is set to approve loans worth $1.75 billion before the end of 2025. These funds will support critical projects in sectors such as health, agriculture, and digital infrastructure.
