FIRS recorded ₦15.9 trillion of non-oil tax, almost three times the ₦5.8 trillion recorded for oil tax.
Non-oil tax revenue made up 73.3% of the total revenue collected in 2023.
From 2012 down to 2024, non-oil tax revenue surpassed oil tax revenue most of the time.
Oil taxes are petroleum profit tax and company income (oil & gas) tax while non-profit tax includes company income (non-oil) tax, gas tax, capital gains, stamp duty, NCS import VAT, and non-import VAT.
Company Income Tax (Non-Oil) emerged as the largest contributor, accounting for over 30% of total tax revenue.
NCS-Import VAT followed closely, contributing 23.63%, emphasising the significance of import-related taxes to Nigeria's revenue.
Traditional oil-based taxes such as Petroleum Profit Tax/Hydrocarbon Tax and CIT (Oil & Gas) jointly contributed over 26%, showing that oil remains a vital but declining pillar.
Newer tax streams like the Electronic Money Transfer Levy and NASENI (National Agency for Science and Engineering Infrastructure) funding have emerged, but still make up less than 2% of total revenue.
Minor tax categories like Capital Gains Tax, NITDEF (National Information Technology Development Fund), and NPTFL (Nigeria Police Trust Fund) had negligible impact, each contributing less than 0.5%
Nigeria’s FAAC revenue increased 49% YoY in March 2025 (₦1.68T vs ₦1.12T in March 2024).
February 2025 saw a 48% increase YoY (₦1.70T vs ₦1.15T in February 2024).
April 2025 revenue rose by 41% YoY, moving from ₦1.12T in April 2024 to ₦1.58T.
January 2025 showed no YoY change, recording ₦1.42T in both 2024 and 2025.
The consistent growth in H1 2025 FAAC revenues signals improved government revenue mobilisation, better oil/non-oil collections, and higher capacity for states to meet obligations.
Tunisia held the top spot with the strongest African currency, trading at 3.11 TND per USD in 2024.
Libya followed as the second-strongest, with an exchange rate of 4.83 LYD per USD.
Morocco maintained a strong regional position, with its dirham trading at 9.94 MAD per USD.
Botswana’s pula was relatively stable, exchanging at 13.56 per USD, highlighting Southern Africa’s economic steadiness.
Ghana and Seychelles had closely matched exchange rates, trading at 14.48 and 14.53 to the dollar, respectively.
South Africa, Lesotho, Namibia, and Eswatini all shared almost identical exchange rates of around 18.32–18.33 per USD, showing tight regional monetary coordination.
The Tunisian dinar stood at TND 2.15 per US$ in 2016 and has since depreciated to TND 3.11 per US$ in 2024.
Between 2016 and 2019, the dinar saw a strong depreciation.
2020 marked a turning point with a 4.16% appreciation, the first notable currency strengthening in the period observed.
From 2022 onward, the exchange rate has stabilised closely around TND 3.10 to TND 3.11 per US$, with minimal yearly changes of 0.08% and 0.04%.
The largest year-on-year depreciation occurred in 2017 with a 12.63% change.
Despite the earlier years of high volatility, Tunisia’s currency performance in the last three years suggests better monetary management and external stability.
Unlike other regions, Southern Africa’s debt-to-GDP ratio is expected to increase by 5.8 percentage points, reaching 77.4% by 2028.
Northern Africa is set to achieve the largest debt-to-GDP decline of 14.7 percentage points, from 84.2% to 69.5%, indicating significant fiscal adjustments.
Central Africa is expected to see a 12 percentage point drop, reducing its debt-to-GDP ratio from 45.8% to 33.8%.
West Africa’s debt-to-GDP ratio is projected to fall by 4.3 percentage points, while Eastern Africa is expected to drop by 5.2 percentage points, both showing signs of improved debt management.
Even with the projected declines, some regions like Northern Africa (69.5%) and Southern Africa (77.4%) will still have high debt burdens compared to others like Central Africa (33.8%).
The declining debt-to-GDP ratios in most regions suggest either economic expansion or strategic debt control, but Southern Africa’s increase indicates potential fiscal stress.
