Nigeria's Revenue Growth Driven by Tax and Oil Reforms
Nigeria's revenue generation has seen substantial growth following reforms in the tax, oil, and mining sectors initiated by President Bola Tinubu's administration. Bamidel Atoyebi, a member of the Tinubu Ideological Group, reported that the Federal Inland Revenue Service's revenue increased from ₦4.95 trillion in 2020 to ₦10.1 trillion in 2022, with projections of ₦21.7 trillion by 2024.
Non-oil tax revenue is expected to account for 76% of total revenue during the period from October 2023 to September 2025, with total collections reaching ₦47.39 trillion. The Nigerian National Petroleum Company (NNPC) has also seen changes in its remittance structure, contributing over ₦10 trillion to the federal account from January to August 2023.
Additionally, the Nigeria Customs Service reported revenue growth from ₦1.56 trillion in 2020 to ₦3.2 trillion in 2023, with total collections from 2020 to 2025 exceeding ₦26 trillion.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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