Nigeria’s Estimated Federal Revenue in Q1: Oil, VAT, Company Tax and Customs

Nigeria’s estimated federal revenue for the first quarter shows oil and gas at ₦2.8 trillion, VAT at ₦2.42 trillion, company income tax at ₦1.37 trillion, and customs and excise at ₦2 trillion. Government-owned enterprises contributed about ₦1.2 trillion, while fees, fines and other independent revenue sources brought in roughly ₦1 trillion. Oil and gas accounted for around 25% of the total, highlighting its declining share in government income. The figures raise a wider question about Nigeria’s development strategy. Higher and more diversified revenue, a larger formal economy, and improved personal income tax collection may be necessary for major investment in infrastructure and human development. Revenue from states and local governments could increase the overall picture, but total public revenue remains low relative to the size of the economy.

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