From 2011 to 2022, the highest total revenue recorded by the Nigerian government was in 2011, reaching 17.73%

Key Takeaways:

  • Nigeria's total revenue decreased from 17.73% of GDP in 2011 to 9.09% in 2022.
  • The lowest point for the country’s revenue occurred in 2016, at only 5.12% of GDP.
  • Although there has been some recovery since 2016, revenue still falls well below the levels seen before 2015.
  • The sharpest decline took place between 2011 and 2016, with revenue dropping by over 12 percentage points.
  • In 2020, during the COVID-19 pandemic, there was a significant drop to 6.52%, followed by a period of recovery.

Between 2011 and 2016, Nigeria saw its total revenue as a share of GDP drop dramatically from 17.73% to 5.12%. This reduction can be linked to factors such as the volatility of oil revenues, which play a crucial role in Nigeria's economy, as well as challenges in domestic revenue mobilisation.

The following years saw some gradual recovery, with the ratio climbing to 9.09% in 2022. While this is an improvement from the 2016 low, it remains considerably below the figures reached in the early 2010s and is nearly half of what the country realised in 2011.

Source:

IMF's World Revenue Longitudinal Database (WoRLD)

Period:

2011 - 2022
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