A group, the Tinubu Media Volunteers (TMV) have applauded the dramatic surge in the federation revenue following the sweeping fiscal reforms the President Bola Tinubu administration embarked upon in the last two years.
In a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary, Segun Ogedengbe, TMV specifically alluded to the over 400% increase in only 28 months.
It said: Based on those reforms, the country’s revenue rose to N3.65 trillion, a 411 % increase by September 2025 from N711 billion recorded in May 2023 when the administration assumed office.
”Definitely this remarkable increase would not have been possible but for the foresight and vision of the president.
”Additionally, it is gratifying that the Federal Inland Revenue Service (FIRS) has, in a bid to actualise the president’s vision, embarked on enhanced compliance mechanisms on tax collection, thereby bringing more entities and individuals into the tax-paying net.
”This development has ensured the availability of funds to drive development across all sectors of the economy, as well as help in the realisation of the Renewed Hope Agenda.”
The group also hailed the performance of the non-oil sector, which it attributed to the economic diversification initiatives of the Tinubu administration.
”It is also a significant and historic shift in the country’s revenue architecture especially in the rise of non-oil income. Again, the improvement of non-oil income can be attributed to the president’s economic diversification strategy, which has made Nigeria an exporter of various goods and services.
”Indeed, it can be described as an economy beyond oil. For example, the non-oil revenue rose from a paltry N151 billion in May 2023 to N1.06 Trillion in September 2025, amounting to a 599% increase, thereby guaranteeing the country’s progress in economic diversification.
”We therefore applaud the Tinubu administration for the deliberate efforts towards ensuring that Nigeria exits from a mono and oil-dependent economy to a diversified and business-oriented economy that boosts trade, exports and foreign direct investments,” the statement added.
