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.
