Nigeria’s non-oil revenue rises to N1.90 trillion in November 2024, reflecting a 16.4% increase from October and surpassing the monthly target by 53.19%, according to the Central Bank of Nigeria (CBN).
The surge is driven by higher collections from corporate taxes, customs duties, and excise duties. Improved tax compliance, increased business activity, and stricter enforcement of trade regulations contribute to the revenue growth.
Oil revenue climbs by 42.63% month-on-month to N0.52 trillion in November, supported by higher Petroleum Profit Tax (PPT), royalties, and Company Income Tax (CIT) from upstream operations. However, it falls 70.46% below the projected target due to production disruptions, pipeline vandalism, and fluctuations in global oil prices.
Nigeria continues to face challenges in meeting its crude oil production quotas under OPEC+ agreements, affecting revenue inflows from the petroleum sector.
The strong non-oil revenue performance highlights Nigeria’s ongoing efforts to diversify its economy and reduce dependence on oil earnings. The federal government is working to expand the tax base, strengthen digital taxation, and leverage public-private partnerships to boost revenue generation.
Meanwhile, addressing challenges in the oil sector remains crucial. Enhancing local refining capacity, curbing crude oil theft, and attracting investment in the oil and gas industry are key priorities to stabilize revenue inflows.
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