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

About The Author

Marian Opeyemi Fasesan

editor

Marian Opeyemi Fasesan is a dynamic journalist and editorial leader committed to excellence in news reporting and storytelling. As the Editor-in-Chief of Sele Media Africa, she ensures daily operations run smoothly while upholding the highest editorial standards. With a strong eye for detail and deep understanding of audience engagement, Marian coordinates content across platforms, guiding teams to produce compelling, timely, and credible news. Her leadership reflects the heart of Sele Media Africa’s mission—to inform, inspire, and elevate voices across the continent.

See author's posts