FG records N20.98trn revenue inflow in 2024 — Budget Office
The Budget Office of the Federation has said the Federal Government recorded a total revenue inflow of N20.98 trillion in 2024.
In its fourth quarter (Q4) 2024 budget implementation report, the office said the amount was an increase of N8.50 trillion, representing 68.11 percent, compared to the N12.48 trillion generated in 2023.
“Total revenue inflow of the Federal Government stood at N20.98 trillion at the end of December 2024,” the Budget Office said.
However, the report noted that the figure was N4.89 trillion, or 18.92 percent, lower than the 2024 annual budget estimate.
President Bola Ahmed Tinubu had signed the N28.7 trillion 2024 appropriation bill into law in January that year.
According to the report, gross non-oil revenue rose to N16.09 trillion in 2024 — an increase of N5.29 trillion, or 48.91 percent, above the N10.81 trillion annual estimate.
It said the strong performance was mainly driven by higher collections from Company Income Tax, Value Added Tax, Electronic Money Transfer Levy (EMTL), and Customs duties.
In contrast, gross oil revenue stood at N15.07 trillion, representing a shortfall of N4.93 trillion, or 24.65 percent, from the N19.99 trillion projected in the 2024 budget.
Despite this, the oil revenue figure was N6.71 trillion, or 80.83 percent, higher than the N8.35 trillion realised in 2023.
The Budget Office also reported that Nigeria’s total merchandise trade rose to N36.6 billion in Q4 2024.
This represented an increase of 68.32 percent compared to N21.75 billion recorded in the same period of 2023, and 2.2 percent higher than the N35.82 billion recorded in Q3 2024.
Exports accounted for 54.68 percent of total trade in Q4 2024, with a value of N20.01 billion.
The report said the export value increased by 57.67 percent compared to N12.69 billion in Q4 2023, but declined slightly by 2.55 percent when compared to N20.54 billion recorded in Q3 2024.
