Federal Government sets sights on generating ₦2.5 trillion in non-oil income for 2026

The Federal Government aims to generate ₦2.5 trillion in independent revenue by 2026, according to the acting Executive Chairman and Chief Executive Officer of the Fiscal Responsibility Commission, Charles Abana.

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Abana made this disclosure during a meeting with the Secretary to the Government of the Federation, Senator George Akume, in Abuja on Tuesday, where the commission's management discussed its targets and progress with Akume.

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The target of ₦2.5 trillion in independent revenue for 2026 follows the commission's monitoring of approximately ₦1.84 trillion in independent revenue generated by Ministries, Departments and Agencies as of September 2025, as stated by Abana.

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Abana attributed the monitored independent revenue of approximately ₦1.84 trillion as of September 2025 to enhanced monitoring of operating surplus from Government-Owned Enterprises and independent revenue generated by Ministries, Departments and Agencies.

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The commission is intensifying efforts to improve transparency in revenue reporting, ensure timely remittance of operating surpluses into the Consolidated Revenue Fund, and eliminate revenue leakages across public institutions, according to Abana.

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To achieve this, the commission has reviewed and upgraded its Operating Surplus Calculation Template, first developed in 2016, to align with current fiscal realities and the provisions of the Finance Act 2020.

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The template has now been fully automated to improve efficiency, accuracy, and transparency in revenue computation and compliance monitoring, Abana added.

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Senator George Akume, the Secretary to the Government of the Federation, called for stronger collaboration among fiscal and oversight institutions to deepen transparency, accountability, and prudent management of public finances during the meeting.

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Akume urged the Fiscal Responsibility Commission to strengthen cooperation with the Federal Ministry of Finance, the Budget Office of the Federation, the Office of the Accountant-General of the Federation, the Debt Management Office, and other oversight agencies to eliminate duplication and strengthen fiscal governance.

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The SGF described the Fiscal Responsibility Commission as a critical institution in Nigeria's fiscal governance framework, noting that prudent management of public resources remains essential for economic stability, and that the commission occupies a strategic position in strengthening public financial management.

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According to Akume, the Fiscal Responsibility Commission ensures that government resources are managed with discipline, transparency, and accountability in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

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Akume emphasized that fiscal responsibility is fundamental to sustaining macroeconomic stability, boosting investor confidence, ensuring debt sustainability, and promoting the efficient utilisation of public resources across all tiers of government.

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The Federal Government is intensifying efforts to boost non-oil revenue and improve fiscal discipline as it seeks to strengthen public finances amid growing expenditure demands, with the Fiscal Responsibility Commission playing a key role in this effort.

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The Fiscal Responsibility Commission monitors the independent revenue and operating surpluses of Ministries, Departments, Agencies, and Government-Owned Enterprises to ensure compliance with the Fiscal Responsibility Act and remittance into the Consolidated Revenue Fund.