FG grows oil, non-oil tax revenue by 43% to N14.27trn in H1 2025
The Federal Government said it grew its oil and non-oil tax revenue by 43 per cent to N14.27 trillion in first half (H1) of 2025 from N9.98 trillion generated in first half (H1) of 2024.
Federal Government in presentation titled “Progress Report on Revenue Collections (January – June)” said the evaluation of revenue collection performance as H1 2025, indicates an upward trajectory relative to the corresponding period in 2024.
Accordingi to the presentation, FG said the 43per cent growth in revenue, substantially exceeded the baseline growth target of 16.4per cent,maintaining that the increase highlights the accelerated pace of revenue collection against 2024 and highlights continued momentum toward achieving the 2025 revenue target.
The government said it targeted 16.4 per cent growth to N25.2 trillion revenue in 2025 from the N21.6 trillion 2024 collections.
“The 2025 revenue target represents a 16.4per cent increase relative to the total revenue collected in 2024.
“Achieving our annual target necessitates sustaining a baseline growth rate of 16.4per cent compared to corresponding revenue collections from the previous year. This benchmark serves as an essential reference point for performance evaluation,” the government explained.
As of H1 2025, oil tax revenue rose by 39.4 per cent to N3.63 trillion over the N2.60 trillion realised in H1 2024, while the non-oil tax collection in H1 2025 increased by 44.2per cent to N10.64 trillion in H1 2025 as against N7.37 trillion reported in H1 2024.
“This increase once again underscores the effectiveness of revenuediversification initiatives, strengthened tax compliance measures, and enhanced enforcement strategies implemented by the Service,” FG said in its presentation.
