How Much Revenue Does Nigeria Make In A Year?

I’m preparing background document for a youth foundation so I want to know how much Nigeria makes as a basis for advocacy on how much the government should or could spend.

A google search didn’t yield to me a satisfactorily definitive answer so I called on Facebook and Twitter friends for help. I thank you all that shared links and leads. I followed them all as best I could without a PhD in economics or something. I even went to firs.gov.ng. And I found this from a 2008 presentation by then Chairman;

“Improved information and statistics of all revenue generated at FG, SG and LG is required for improved decision making. To date, a holistic picture of such statistics is not readily available in a complete and on a timely basis.”

This is also the conclusion made by Nonso Obikili an economist I follow on Twitter. I asked him how much Nigeria makes. I thought it was a simple question with a simple answer.

Apparently it’s all shrouded in secrecy. According to Nonso “the govt guesses what it will be each year. The actual numbers? No one knows.”

“Ok. So. What govt makes is part of GDP? Can an estimate be made by elimination of other sector contributions? Would that be accurate/useful?” I ask.

“Yeah it is. The NBS tries to do that and if you look at the breakdown of their reports you’ll see their guess there. Still a guess though” he replies.

“I thought it was me”

“Nah”

“For States you can guess with allocation plus IGR. For FG allocation is a signal but most suggest up to 50% of income doesn’t pass through the budget or FAAC. Some states publish this and report to the NBS. Some don’t.” he continued.

I’m thoroughly scandalised!

World Bank Nigeria Report 2013

World Bank Nigeria Report 2013

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