The Federal Government recorded a total revenue inflow of N20.98 trillion in 2024, marking a 68.11% increase from the N12.48 trillion generated in 2023, according to the Budget Office’s Q4 2024 implementation report.
Despite the growth, the figure was N4.89 trillion (18.92%) below the 2024 annual budget estimate, indicating a shortfall in projected earnings.
Gross non-oil revenue surged to N16.09 trillion, exceeding the annual estimate of N10.81 trillion by 48.91%. Key contributors included Company Income Tax, Value Added Tax, Electronic Money Transfer Levy (EMTL), and Customs duties.
In contrast, gross oil revenue stood at N15.07 trillion, falling short of the N19.99 trillion budget projection by 24.65%. However, it represented an 80.83% increase over the N8.35 trillion realised in 2023.
The report also highlighted Nigeria’s merchandise trade performance in Q4 2024, which totalled N36.6 billion. This reflects a 68.32% rise from N21.75 billion in Q4 2023 and a 2.2% increase over N35.82 billion in Q3 2024.
Exports accounted for 54.68% of total trade, valued at N20.01 billion. While this was a 57.67% increase from N12.69 billion in Q4 2023, it marked a slight decline of 2.55% compared to N20.54 billion in Q3 2024.
The Budget Office attributed the strong non-oil revenue performance to improved tax collection and digital levies, while oil revenue remained volatile due to market fluctuations and production constraints.
These figures underscore the government’s ongoing efforts to diversify revenue sources and strengthen fiscal sustainability amid global economic pressures.
