The Federal Government’s total revenue inflow rose by 68.11 percent to ₦20.98 trillion in 2024, up from ₦12.48 trillion recorded in 2023, according to the Budget Office of the Federation.
The disclosure was contained in the Fourth Quarter (Q4) 2024 Budget Implementation Report, which highlighted improved non-oil earnings but a shortfall in overall revenue projections.
Despite the increase, the report noted that the 2024 revenue figure was still ₦4.89 trillion or 18.92 percent lower than the year’s budget estimate.
“Total Revenue Inflow of the Federal Government stood at ₦20.98 trillion at the end of December 2024,” the Budget Office said.
The report revealed that gross non-oil revenue rose significantly to ₦16.09 trillion in 2024, exceeding the annual estimate of ₦10.81 trillion by ₦5.29 trillion (48.91 percent).
“A breakdown of the non-oil revenue items showed that Company Income Tax, Value Added Tax, Electronic Money Transfer Levy (EMTL), and Customs contributed to the impressive performance,” the report added.
However, gross oil revenue fell short of projections, standing at ₦15.07 trillion, representing a ₦4.93 trillion (24.65 percent) decline from the ₦19.99 trillion expected in the 2024 budget.
Still, the report indicated a year-on-year increase, noting that oil revenue was ₦6.71 trillion (80.83 percent) higher than the ₦8.35 trillion recorded in 2023.
The Budget Office also reported a surge in trade activity, with Nigeria’s total merchandise trade valued at ₦36.6 trillion in Q4 2024.
According to the report, this represented a 68.32 percent increase from ₦21.75 trillion in the same period of 2023, and 2.2 percent higher than ₦35.82 trillion recorded in Q3 2024.
Exports accounted for 54.68 percent of total trade during the quarter, amounting to ₦20.01 trillion. The export value rose by 57.67 percent compared to ₦12.69 trillion in Q4 2023 but fell by 2.55 percent from ₦20.54 trillion in Q3 2024.
