Nigeria Sees Major Increase in Non-Oil Revenue Driven by Taxes and Customs
- Nigeria's non-oil revenue increased 67% to N3,977.16 billion
- The growth is significant given Nigeria's dependence on oil exports
- The increased non-oil revenue was driven by higher CIT, VAT, and customs collections
- The government collected 50.1% more revenue in Q3 2023 compared to Q2
- Non-oil revenue accounted for 83% of Nigeria's total federal revenue