4 days ago
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From Adanna Nnamani, Abuja
Nigeria’s non-oil revenue soared to N1.90 trillion in November 2024, marking a 16.40% increase from the previous month and surpassing the monthly target by 53.19%.
According to the newly released Central Bank of Nigeria (CBN) Monthly Economic Report, “non-oil revenue, at N1.90 trillion, rose by 16.40% and 53.19% relative to the levels in the preceding month and the monthly target, respectively. The rise was due to higher receipts from corporate tax and customs & excise duties.”
The apex bank said the significant increase in non-oil revenue was driven by stronger corporate tax collections, improved customs and excise duties, and enhanced enforcement of tax regulations.
Corporate tax remained a key contributor, reflecting increased profitability among businesses amid Nigeria’s post-pandemic economic recovery.
Customs and excise duties also benefited from enhanced trade facilitation and tariff adjustments aimed at supporting local manufacturing.
Meanwhile, oil revenue also saw a notable month-on-month increase of 42.63%, reaching N0.52 trillion in November. The rise was attributed to higher collections from Petroleum Profit Tax (PPT), royalties, and Company Income Tax (CIT) from upstream operations.
However, despite this growth, oil revenue still fell significantly short of its target by 70.46%, reflecting the persistent challenges in the sector.
The CBN report highlighted these struggles, stating, “Oil revenue increased by 42.63% to N0.52 trillion from its level in October 2024, on account of higher collections from petroleum profit tax (PPT), royalties, and company income tax (CIT) upstream. It, however, fell short of the target by 70.46%.”
Nigeria’s oil revenue continues to face setbacks due to production disruptions, pipeline vandalism, and fluctuations in global oil prices. The country has also struggled to meet its crude production quotas under OPEC+ agreements, limiting expected revenue inflows from the petroleum sector.
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