Budget office says FG’s revenue increased by 68% to N20.9trn in 2024
The Budget Office of the Federation has reported that the federal government generated a total revenue inflow of ₦20.98 trillion in 2024, marking a significant increase from the previous year but still falling short of budget projections.
According to the office’s fourth-quarter (Q4) 2024 budget implementation report, the revenue represents a ₦8.50 trillion (68.11%) rise compared to ₦12.48 trillion recorded in 2023. However, it remains ₦4.89 trillion (18.92%) below the ₦28.7 trillion annual budget approved by President Bola Tinubu in January 2024.
The report highlighted strong growth in non-oil revenue, which reached ₦16.09 trillion — ₦5.29 trillion (48.91%) above the ₦10.81 trillion projected for the year. Key contributors to this performance included Company Income Tax, Value Added Tax, the Electronic Money Transfer Levy (EMTL), and Customs duties.
In contrast, gross oil revenue stood at ₦15.07 trillion, falling short of the ₦19.99 trillion estimate by ₦4.93 trillion (24.65%). Nevertheless, this represents an 80.83% increase from the ₦8.35 trillion realized in 2023.
The report also revealed that Nigeria’s total merchandise trade in Q4 2024 reached ₦36.6 billion, up 68.32% from ₦21.75 billion in the same period of 2023, and 2.2% higher than Q3 2024’s ₦35.82 billion. Exports accounted for 54.68% of total trade, valued at ₦20.01 billion. While this is a 57.67% increase from Q4 2023’s ₦12.69 billion, it slightly dipped by 2.55% from the ₦20.54 billion recorded in Q3 2024.
The figures reflect a mixed fiscal picture for the country, with non-oil revenue outperforming expectations while oil earnings continue to lag behind budget estimates.
