Nigeria’s non-oil revenue surged to N1.90 trillion in November 2024, a 16.4% increase compared to October and surpassing the monthly target by 53.19%. This growth was driven by higher collections from corporate tax, customs duties, and excise duties.
The Central Bank of Nigeria (CBN) attributed the rise to improved tax compliance, enhanced business activity, and stricter customs regulations.
Corporate tax collections remained strong as businesses profited in Nigeria’s post-pandemic recovery, while increased customs and excise duties were bolstered by tariff adjustments and better trade facilitation aimed at supporting local manufacturing.
Despite the positive performance of non-oil revenue, oil revenue rose by 42.63% to N0.52 trillion in November but still fell 70.46% short of its target.
This shortfall is mainly attributed to production disruptions, pipeline vandalism, and fluctuating global oil prices, reflecting the ongoing struggles in Nigeria’s oil sector.
The fiscal outlook for Nigeria highlights the growing importance of economic diversification as non-oil sectors become a more significant contributor to government revenue.
However, the government will need to address the challenges in the oil sector to stabilize revenue, focusing on improving local refining capacity and tackling issues like crude oil theft.
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