Federation Account earnings dropped significantly to N1.94 trillion in January 2025, representing a 31.35 percent and 35.22 percent decline compared to December 2024 and the monthly benchmark, respectively.
This was disclosed in the Central Bank of Nigeria’s (CBN) January 2025 Economic Report.
According to the report, the decline was driven largely by reduced receipts from Petroleum Profit Tax (PPT), royalties, Company Income Tax (CIT), and customs and excise duties.
Despite this, non-oil revenue remained the dominant contributor, accounting for 68.67 percent of total gross revenue, while oil revenue made up the rest.
Non-oil revenue stood at N1.33 trillion, which was 22.18 percent below the previous month’s level, due to low collections from federal government independent revenue, excise duties, and corporate tax.
However, it exceeded the monthly target of N1.23 trillion by 8.25 percent. In contrast, oil revenue plummeted by 45.45 percent to N0.61 trillion in January, down from N1.12 trillion in December 2024.
