The Budget Office of the Federation says the Federal Government recorded a total revenue inflow of ₦20.98 trillion in 2024, representing a sharp 68.1 percent increase over the ₦12.48 trillion realised in 2023.
The figures are contained in the Q4 2024 Budget Implementation Report, published by the Budget Office. The report, however, noted that the total revenue fell ₦4.89 trillion short of the government’s 2024 annual budget estimate, marking an 18.9 percent shortfall.
President Bola Tinubu had signed the ₦28.7 trillion 2024 Appropriation Bill into law in January of that year.
Non-Oil Revenue Surges to ₦16tn
The Budget Office said gross non-oil revenue rose significantly to ₦16.09 trillion in 2024, an increase of ₦5.29 trillion (48.9%) above the ₦10.81 trillion annual estimate.
“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 said.
Oil Revenue Falls Below Target
By contrast, gross oil revenue stood at ₦15.07 trillion, representing a ₦4.93 trillion (24.7%) decline from the ₦19.99 trillion projected in the 2024 budget.
Despite the shortfall, the figure was still ₦6.71 trillion (80.8%) higher than the ₦8.35 trillion generated in 2023, reflecting improved production and export performance compared to the previous year.
Trade Volume Rises to ₦36.6tn in Q4 2024
The report also revealed that Nigeria’s total merchandise trade rose to ₦36.6 trillion in the fourth quarter of 2024, up 68.3 percent 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, valued at ₦20.01 trillion in Q4 2024. The figure represented a 57.7 percent increase from ₦12.69 trillion in Q4 2023, though it declined 2.55 percent compared to ₦20.54 trillion recorded in Q3 2024.
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