For the first time in 15 years, the Federal Government of Nigeria in 2023 exceeded its annual revenue target, raking in an actual income of N12.48 trillion against a projected N11.05 trillion—a rare fiscal milestone reflecting a notable shift in national revenue performance.
This was revealed by BudgIT via its official X (formerly Twitter) handle, referencing data from the Budget Office of the Federation.
While official full-year figures for 2024 are yet to be published, available mid-year data show that the Federal Government earned N8.47 trillion between January and June 2024. If the trend continues, this year could potentially witness another record-breaking performance.
In tandem with federal earnings, state governments have also recorded a significant surge in revenue, with combined earnings rising from N2.76 trillion in 2015 to a staggering N13.16 trillion in 2024, marking nearly a fivefold increase in under a decade.
Below is the year-by-year breakdown of the combined actual revenues of Nigeria’s 36 states over the last 10 years:
2024 – N13.16 trillion
2023 – N7.59 trillion
2022 – N5.86 trillion
2021 – N4.45 trillion
2020 – N3.81 trillion
2019 – N4.03 trillion
2018 – N3.95 trillion
2017 – N3.03 trillion
2016 – N2.46 trillion
2015 – N2.76 trillion
PLATFORM TIMES reports that the significant rise in both federal and state revenues has sparked calls from stakeholders and civic groups for greater transparency, accountability, and equitable distribution of resources.
According to BudgIT, this substantial growth in revenue “should not translate into greater benefits for a few political elites,” but rather “reflect in tangible development across the country”—including investments in infrastructure, healthcare, education, and job creation.
Analysts say while increased revenue presents an opportunity for national transformation, the real challenge lies in how effectively the funds are managed and deployed to meet the developmental needs of over 200 million Nigerians.
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