FG’s revenue up 68% to N20.9trn in 2024 — Budget Office

The federal government’s  (FG) total revenue inflow increased by 68.11 percent to  N20.98 trillion  in 2024 compared to  N12.48 trillion recorded in 2023, the  budget office of the federation has disclosed in  its fourth quarter (Q4) 2024 budget implementation report.

The report, however, noted that the figure was N4.89 trillion (18.92 percent) lower 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.

The report also stated that gross non-oil revenue rose to N16.09 trillion in 2024, an increase of N5.29 trillion (48.91 percent) above the 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 said.

On the other hand, gross oil revenue stood at N15.07 trillion, representing a N4.93 trillion (24.65 percent) decline from the N19.99 trillion projected in the 2024 budget.

The organisation said the figure was N6.71 trillion (80.83 percent) higher than the N8.35 trillion realised in 2023.

The budget office also said the country’s total merchandise trade stood at N36.6 billion in Q4 2024.

According to the report, the figure increased by 68.32 percent from N21.75 billion recorded in the same period of 2023, and 2.2 percent higher than N35.82 billion recorded in Q3 2024.

The office said exports accounted for 54.68 percent of total trade in Q4 2024, with a value of N20.01 billion.

The report noted that the export value rose by 57.67 percent compared to N12.69 billion recorded in Q4 2023, but declined by 2.55 percent compared to the N20.54 billion recorded in Q3 2024.