The Nigerian government in the 2024 fiscal year generated a total of N20.98 trillion in revenue, which represents an 18.9 percent decline compared to the N25.87 trillion estimate in the 2024 budget.
According to the 4th quarter budget implementation report published by the Budget Office, the total retained revenue of the Federal Government (excluding GOEs) stood at N19.87 trillion in the year. This represents a decrease of N3.13 trillion (13.62 per cent) from the 2024 budget estimate of N23.015 trillion.
BusinessDay’s analysis of the report showed that FG’s share of oil revenue stood at N6.26 trillion, as against the N8.176 billion estimate in the budget. The government had expected N2.04 trillion quarterly revenue from oil sources; however, it received a total of N1.39trillion in the first quarter, N1.325 trillion in the second quarter, N1.92 trillion and N1.616 trillion in the third and fourth quarters, respectively.
FG’s total share of non-oil revenue stood at N5.011 trillion in the period, as against a total of N3.569 trillion estimated in the 2024 budget.
A breakdown of the total non-oil revenue indicates that FGN’s share of the Company Income Tax was N2.605 trillion in 2024, as against the N1.427 trillion budget estimate.
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The total revenue from Value Added Tax (VAT) was N868.86 billion, as against N512.83 billion. It generated N1.361 trillion from Customs and N31.22 billion from Electronics Money Transfer (Stamp Duties), higher than the N1.287 trillion and N24.39 billion budget estimate.
Also, FG’s total share of Solid Minerals and mining revenue stood at N11.33 billion in 2024, as against N4.56 billion. Revenue from the federation account levies stood at N144.63 billion, as against N248.26 billion.
A total of N3.675 trillion was reported as FGN’s Independent Revenue, N1.100 trillion as retained revenue from Government Owned Enterprises (GOEs).
Grants & Donor Funding contributed largely to the total revenue recorded by the FGN in the period under review, accounting for N 1.206 trillion of the entire revenue. Other contributors include Share of Education Tax (TETFUND), Domestic Recoveries and Signature Bonus, which accounted for N1.637 trillion, N519.16 billion and N369.58 billion, respectively.
However, there were no revenue receipts from the Windfall Tax and the Exchange Rate Differential during the review period.
According to the budget office, “The gross non-oil revenue in the year amounted to N16.094 trillion, representing an increase of N5.286 trillion (48.91 per cent) above the annual estimate of N10.80 trillion. This results from the improved performance of some of the non-oil revenue items compared to their corresponding annual budget estimates.
“A total of N15.066 trillion gross oil revenue was collected in the year, as against N19.99 trillion projected for the 2024 budget. This represents a decrease of N4.929 trillion (24.65 per cent) below the 2024 budget estimate.”
