FG’s Revenue Up 68 % to ₦20.9 Trn in 2024 — Budget Office!

FG’s Revenue Up 68 % to ₦20.9 Trn in 2024 — Budget Office!

The Budget Office of the Federation (BOF) has revealed that the Federal Government of Nigeria recorded a total revenue inflow of ₦20.98 trillion in 2024, marking a 68.11 % increase from the ₦12.48 trillion generated in 2023. [1]
Despite the surge, the revenue still fell short of the 2024 budget estimate by ₦4.89 trillion — approximately 18.92 % below the annual target. [2]

Key Highlights

• Non‑oil revenue rose to ₦16.09 trillion — up 48.91 % above the ₦10.81 trillion estimate. The growth was driven by increases in Company Income Tax, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Customs duties. [1]
• Oil revenue stood at ₦15.07 trillion, which is 24.65 % below the budgeted ₦19.99 trillion. Nonetheless, it marked an 80.83 % rise from the ₦8.35 trillion realised in 2023. [1]

Analysts say the numbers reflect significant gains in revenue mobilisation, but emphasise that persistent expenditure pressures and shortfalls in meeting budgeted targets pose challenges for fiscal sustainability.

Citations:

1. TheCable: www.thecable.ng/budget-office-says-fgs-revenue-increased-by-68-to-n20-9trn-in-2024/?utm_source=chatgpt.com
2. Vanguard News: www.vanguardngr.com/2025/10/fgs-revenue-up-68-to-n20-9trn-in-2024-budget-office?utm_source=chatgpt.com