The Federal Government’s total revenue inflow surged by 68.11 percent to N20.98 trillion in 2024, compared to N12.48 trillion recorded in 2023, according to the Budget Office of the Federation.
The disclosure, contained in the Q4 2024 Budget Implementation Report, shows that while revenue performance improved significantly year-on-year, it still fell short of the 2024 annual budget estimate by N4.89 trillion, representing an 18.92 percent shortfall.
“Total Revenue Inflow of the Federal Government stood at N20.98 trillion at the end of December 2024,” the report stated.
A closer look at the breakdown reveals that non-oil revenue performed strongly, rising to N16.09 trillion in 2024 — 48.91 percent higher than the N10.81 trillion annual estimate. The report attributed this impressive performance to better-than-expected collections from Company Income Tax (CIT), Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Customs revenues.
Conversely, gross oil revenue fell short of projections, standing at N15.07 trillion against the N19.99 trillion target. Despite the shortfall, oil earnings still grew by 80.83 percent, amounting to N6.71 trillion more than the N8.35 trillion recorded in 2023.
The Budget Office noted that the revenue outcome underscores the continued importance of non-oil sources in sustaining government finances and reducing dependence on crude oil income.
