Nigeria achieves remarkable growth in non-oil revenue

The Central Bank’s Q3 economic report also revealed that the third quarter of 2023 saw a 50.1% rise in the amount of money collected by the federal government, as seen in the Nigerian news platform, The Punch NG.

The CBN’s report also showed that greater non-oil collections prompted an earnings increase of up to N4.79 trillion from the previous quarter, but it fell short of the budget goal by 9.5%.

Reaching N3,977.16 billion in non-oil income, the amount was 66.9% more than the preceding quarter and 38.0% over the target. This was largely due to increased CIT, VAT, and customs and excise duty collections.

“Gross Federation Account earnings improved, majorly on account of increased earnings from non-oil sources. At N4,791.39 billion, Federation Account receipt exceeded the level in Q22023 by 50.1 percent but was below the benchmark by 9.5 percent,” the report read in part.

“The improved performance reflected higher receipts from Company Income Tax (CIT), Customs and excise Duties and Value-Added Tax (VAT), Production Sharing Contract (PSC), and the 2023 interim dividend declaration by the Nigerian National Petroleum Company Limited (NNPCL) (others1 ). Non-oil revenue continued to dominate federation revenue, accounting for 83.0 percent, while oil revenue made up the balance of 17.0 percent,” the report added.