Budget Office claims Nigeria’s revenue notches nearly N21tr, exports account for nearly 55% of total trade
By Jeph Ajobaju, Chief Copy Editor
Nigeria’s revenue rose to N20.98 trillion in 2024, up 68.11 per cent year-on-year (YoY) from N12.48 trillion in 2023, the federal Budget Office disclosed in its fourth quarter 2024 (Q4 2024) budget implementation report.
However, it noted that the figure was N4.89 trillion (18.92 per cent) less than the 2024 annual budget estimate.
“Total Revenue Inflow of the Federal Government stood at N20.98 trillion at the end of December 2024,” the Budget Office said, listing gross non-oil revenue at N16.09 trillion, 48.91 per cent above N10.81 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 explained.
Gross oil revenue stood at N15.07 trillion, a N4.93 trillion (24.65 per cent) decline from N19.99 trillion projected in the 2024 budget, but N6.71 trillion (80.83 per cent) greater than N8.35 trillion in 2023.
Total merchandise trade amounted to N36.6 billion in Q4 2024, according to the Budget Office, saying it rose 68.32 per cent from N21.75 billion in Q4 2023, and 2.2 per cent above N35.82 billion in Q3 2024.
Exports accounted for 54.68 per cent of total trade in Q4 2024 with a value of N20.01 billion, which jumped 57.67 per cent against N12.69 billion in Q4 2023, but declined 2.55 per cent versus N20.54 billion in Q3 2024.
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