Nigeria’s Federation Account Sees 7.48% Increase in Q3 2024

Nigeria’s federation account has received a significant boost, with receipts growing by 7.48% to N6.86 trillion in the third quarter of 2024.

Cablenews24 reports that this increase is attributed to higher earnings from corporate tax and value-added tax, according to the Central Bank of Nigeria’s latest Economic Report.

The non-oil revenue sector dominated the earnings, accounting for 81% of the total revenue, while oil revenue made up the remaining 19%.

This Online News Medium learnt that the non-oil revenue stood at N5.56 trillion, surpassing the preceding quarter’s earnings by 19.48% and the quarterly target by 50.36%.

However, oil revenue declined by 24.72% to N1.30 trillion due to lower receipts from petroleum profit, taxes, and royalties.

This decline was also attributed to the shutdown of ageing oil pipelines and installations, resulting in a 75.39% shortfall from the quarterly target.

The distributed revenue among the three tiers of government totaled N3.92 trillion, with the federal government receiving N1.27 trillion, state governments receiving N1.36 trillion, and local governments receiving N0.99 trillion.

An additional N0.30 trillion was allocated to the 13% Derivation Fund for oil-producing states.

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