Nigeria's Revenue Hits N161tn Amid Tax Growth Shift

A report indicates that Nigeria earned an estimated N161.1 trillion in revenue from both oil and non-oil sectors between 2010 and 2024. Of this, N80.6 trillion (49.99%) came from oil-related sources, while N80.57 trillion (50.01%) was generated from non-oil sources.

The report, titled "Nigeria Unshackled," emphasizes the transition from a commodity-dependent revenue system to one increasingly driven by tax revenues. It forecasts that by 2025, Nigeria will earn N62.3 trillion from taxes alone, with non-oil tax contributing 70% of total revenue.

The analysis notes that the oil revenue's share of total federal revenue is expected to decline to just a quarter by 2024, reflecting a dramatic decrease from pre-crisis levels. The report also warns of the ongoing economic challenges stemming from the 2014 oil price crash, which has led to a significant rise in public debt and financial vulnerability for the government.