Nigeria's Non-Oil Revenue Surges to N4.39 Trillion in Q4 2024

Nigeria's non-oil revenue surged to N4.39 trillion in Q4 2024, with a significant increase of N1.68 trillion above quarterly estimates. The Budget Office of the Federation reported that this boost was mainly due to strong receipts from Company Income Tax (CIT) and Value Added Tax (VAT), along with customs collections exceeding targets.

Despite a shortfall in oil revenue, the non-oil revenue outperformed, helping to cushion the impact. The report highlights the government's efforts to diversify revenue sources and the need for sustained tax reforms to enhance fiscal stability.