The federal government earned N4.6 billion from solid minerals in the fourth quarter (Q4) of 2024, representing a 303.56 per cent increase from the previous period.
This was disclosed by the budget office of the federation in the government budget revenue section of the Q4 budget implementation report compiled by the ministry of budget and economic planning.
The report showed that N25.87 trillion was projected to fund the 2024 federal budget, with a quarterly share of N6.46 trillion but the ministry said total revenue received in the fourth quarter stood at N6.42 trillion, N40.77 billion (0.63 per cent) lower than the target but N2.55 trillion higher than the N3.87 trillion recorded in the same quarter of 2023.
The budget office said N1.61 trillion was received from oil sources in the fourth quarter, falling short of the quarterly estimate of N2.04 trillion by N427.81 billion or 20.93 percent.
It added that the sharp rise in solid minerals revenue reflects ongoing efforts to strengthen non-oil revenue sources and diversify government income streams.
The budget office further said the government share of federation levies amounted to N33.16 billion in the fourth quarter of 2024, indicating a decrease of N28.91 billion or 46.58 per cent below the quarterly projection.
According to the Q4 budget implementation report, the federal government’s share of company income tax stood at N677.71 billion, higher than the budget estimate of N368.14 billion.
For the quarter, the office said value added tax (VAT) collections rose to N264.52 billion, exceeding the projection of N128.21 billion by 106.32 per cent.
In Q4, the report said customs receipts totalled N375.81 billion, above the N321.88 billion estimate by N53.93 billion or 16.75 percent.
The office added that revenue from electronic money transfer (stamp duties) was N8.37 billion, surpassing the quarterly target of N6.1 billion by N2.27 billion or 37.27 per cent.
According to the Q4 budget implementation report, the government’s independent revenue and other funding sources performed above target in the fourth quarter of 2024.
The budget office reported that the government’s independent revenue reached N946.02 billion, while drawdowns from special levy accounts, signature bonuses, grants and donor funding, and education tax (TETFUND) stood at N1.04 trillion, N173.23 billion, N418.84 billion, and N503.74 billion, respectively.
According to the ministry, the figures reflect significant increases above the quarterly budget estimates.
The budget office said independent revenue surpassed its projection of N672.94 billion by N273.08 billion, and drawdowns from special levy accounts exceeded the quarterly estimate of N75 billion by N972.5 billion.
Also, the ministry said signature bonuses rose above the forecasted N62.86 billion by N110.36 billion, while grants and donor funding outperformed the projected N171.41 billion by N247.43 billion, and education tax exceeded its target of N175 billion by N328.74 billion.
However, the report said the federal government’s share of federation account levies and government-owned enterprises (GOEs) retained revenue of N33.16 billion and N612.96 billion were below their quarterly estimates of N62.07 billion (by 46.58 percent) and N715.27 billion (by 14.30 percent).
The office also noted that there were “no receipts under FGN’s Share of Dividend (NLNG), FGN’s Share of Oil Price Royalty and Additional Revenue (Windfall Tax, Exchange rate Different etc)”.
“The Domestic Recoveries which had zero budget estimates contributed ₦447.43 billion towards funding the budget during the quarter,” the report said.
The budget ministry said oil and gas earnings accounted for 17 percent of the federal government’s total revenue in Q4 2024.
The budget office said the federal government’s share of oil revenue, government-owned enterprises (GOEs) retained revenue, independent revenue, share of company income tax (CIT), drawdown from special accounts, and grants and donor funding contributed largely to total revenue during the quarter, amounting to N5.51 trillion of the overall increase.
Other contributors, according to the report, included the share of value added tax (VAT) at N264.52 billion, share of customs at N375.81 billion, education tax at N503.74 billion, domestic recoveries at N447.43 billion, and signature bonus at N173.23 billion.
The report noted that there were no revenue receipts from windfall tax and exchange rate differential during the period under review.
According to the budget office, the government’s total retained revenue fell short of its 2024 budget estimate by N3.13 trillion.
The report said the federal government’s total retained revenue excluding government-owned enterprises (GOEs) stood at N19.87 trillion in the period under review.
It said aggregate revenue for the government, inclusive of GOEs, was N20.98 trillion, which was N4.89 trillion (18.92 percent) below the budget projection of N25.87 trillion.
