Nigerian Federal Government records ₦20.9 trillion in total revenue for 2024, boosted by strong non-oil earnings despite shortfall from oil sector estimates.
Nigeria’s federal government recorded a sharp 68 percent increase in total revenue in 2024, reaching ₦20.98 trillion, according to new data released by the Budget Office of the Federation.
The figure represents a significant rise from the ₦12.48 trillion generated in 2023 but remains ₦4.89 trillion, or nearly 19 percent, below the government’s full-year revenue target of ₦25.87 trillion. The data was published in the Budget Office’s fourth-quarter budget implementation report released on Thursday October 23, 2025.
The report attributed much of the growth to a surge in non-oil revenues, which rose to ₦16.09 trillion — exceeding the annual estimate of ₦10.81 trillion by nearly 49 percent. Strong performances in Company Income Tax, Value Added Tax (VAT), Customs duties, and the Electronic Money Transfer Levy (EMTL) were cited as key drivers of the improvement.
“The total revenue inflow of the Federal Government stood at ₦20.98 trillion at the end of December 2024,” the Budget Office said, adding that non-oil revenue growth reflected stronger tax compliance and improved collection systems supported by the Federal Inland Revenue Service and the Nigeria Customs Service.
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In contrast, oil revenues fell short of projections. The report showed that gross oil income reached ₦15.07 trillion, representing a ₦4.93 trillion (24.65 percent) shortfall from the ₦19.99 trillion anticipated in the 2024 budget. However, the figure was ₦6.71 trillion higher than the ₦8.35 trillion realized in 2023, reflecting partial recovery from earlier output disruptions and global price fluctuations.
Analysts say the results highlight Nigeria’s ongoing fiscal shift away from oil dependence, as non-oil revenues now account for the majority of total income. Yet, the gap between projected and actual oil earnings continues to weigh on budget execution and debt sustainability.
The report also detailed Nigeria’s merchandise trade performance, which stood at ₦36.6 billion in the fourth quarter of 2024 — a 68 percent increase compared with ₦21.75 billion in the same period of 2023, and a 2.2 percent rise from the third quarter. Exports made up 54.68 percent of total trade, valued at ₦20.01 billion.
Although export value grew by nearly 58 percent year-on-year, it dipped slightly by 2.55 percent compared to the preceding quarter.
Economists say the revenue surge offers a measure of fiscal relief for Africa’s largest economy, but warn that sustained growth will depend on oil market stability, exchange rate reforms, and continued diversification of non-oil income sources.
Africa Daily News, New York
