The budget office of the federation says the federal government recorded a total revenue inflow of N20.98 trillion in 2024.

According to the office’s fourth quarter (Q4) 2024 budget execution report, the value increased by N8.50 trillion (68.11 percent) from N12.48 trillion in 2023.

“Total Revenue Inflow of the Federal Government stood at ₦20.98 trillion at the end of December 2024,” the budget office said.

The report, however, stated that the sum was N4.89 trillion (18.92 percent) lower than the 2024 annual budget forecast.

President Bola Tinubu signed the N28.7 trillion 2024 appropriation bill into law in January of that year.

The budget office reported that gross non-oil revenue increased to N16.09 trillion in 2024, up N5.29 trillion (48.91 percent) from the previous year’s forecast of N10.81 trillion.

“A breakdown of the non-oil revenue items showed that Company Income Tax, Value Added Tax, Electronic Money Transfer Levy (EMTL) and Customs contributed to the impressive performance,” the report said.

Gross oil revenue, on the other hand, stood at N15.07 trillion, a decrease of N4.93 trillion (24.65%) from the N19.99 trillion envisaged in the 2024 budget.

According to the agency, the sum was N6.71 trillion (80.83 percent) greater than N8.35 trillion in 2023.

The budget office also stated that the country’s total merchandise trade reached at N36.6 billion in Q4 2024.

According to the study, the figure climbed by 68.32 percent from N21.75 billion in the same time of 2023, and by 2.2 percent over N35.82 billion in Q3 2024.

The office reported that exports accounted for 54.68 percent of overall commerce in Q4 2024, worth N20.01 billion.

The study stated that the export value increased by 57.67 percent compared to N12.69 billion in Q4 2023, but decreased by 2.55% compared to N20.54 billion in Q3 2024.