The gross receipts into Nigeria’s federation account rose by 7.48 per cent in the third quarter of 2024, the Central Bank of Nigeria (CBN) has revealed.

According to the CBN’s latest economic report on its website, the growth which totalled ₦6.86 trilion was primarily driven by higher collections from corporate tax and value-added tax (VAT).

The apex bank noted that non-oil revenue accounted for a dominant share of receipts, contributing ₦5.56 trillion, while oil revenue made up the balance at ₦1.30 trillion.

“Gross federation account earnings improved, occasioned by higher receipts from non-oil revenue. At ₦6.86tn, the provisional gross federation account receipt was 7.48 per cent above the level in the preceding quarter but 23.71 per cent short of the benchmark,” CBN stated.

The increase in non-oil revenue represented 81 per cent of total earnings but oil revenue experienced a significant drop, falling by 24.72 per cent compared to the second quarter of 2024.

CBN attributed this decline to reduced petroleum profit taxes and royalties, exacerbated by shut-ins caused by ageing oil pipelines and installations.

The bank further noted that from the ₦6.87 trillion federally collected revenue, ₦3.92 trillion was shared among the federal, state, and local governments. The federal government received ₦1.27 trillion, states got ₦1.36 trillion, and local governments took home ₦990 billion. ₦300 billion was also allocated to the 13 per cent Derivation Fund for oil-producing states.