Nigeria’s total federally collected revenue in 2017 rose 30.3% to N7.317tr in 2017, according to the Central Bank of Nigeria (CBN) annual report for the year ended December 31, 2017.
The amount, representing 6.1% of the nation’s Gross Domestic Products (GDP) for the period, was boosted by higher crude oil price, as well as output, helped by sustained peace in the nation’s otherwise restive Niger Delta region. There was also the impact of stronger drive for non-oil revenue, through the Federal Government’s Voluntary Assets and Income Declaration Scheme (VAIDS).
Overall, gross oil revenue amounted to N4.109tr, representing 56.2% of the total and 3.6% of GDP, while non-oil revenue (gross) at N3.207tr, accounted for 43.8% of total
Revenue and 2.5% of GDP.
Within the period however, the federation’s consolidated revenue and expenditure amounted to N8.884tr, or 7.7% of GDP; and N11.938tr, or 10.4% of GDP, respectively.
This resulted “in an overall deficit of N3,053.1 billion (2.7% of GDP),” for the period.
The CBN put the Federal Government’s retained revenue and aggregate expenditure were N4.622tr and N6.896tr, respectively, leading to an estimated deficit of N2.273tr, or 2.0% of GDP, compared with the deficit of N2.675tr, or 2.6% of GDP in 2016.
The deficit, “within the revised WAMZ primary convergence criterion of 3% of GDP. It was financed by 31.8% “of the total financing gap from external sources and 68.2 per cent from domestic sources.”