₦airaland Forum

Non oil revenue now over seventy five percent in Nigeria. Implications?

The Nigerian government officially is no longer dependent on oil and gas revenue and can no longer be described as natural resource dependent. The resource curse no longer applies to Nigeria and the country is now in the mode of no food for lazy man. Government now depends on the totality of local industry for it's revenue

The economy in itself has never been oil based at anytime. If properly calculated, the real GDP can not be more than one percent oil and gas. Therefore ideal government oil revenue should just be above that percentage.

The new development is a game changer because now without oil money, Nigeria can survive. The Niger Delta militants are no longer the most important pressure group in the country.

Nigeria can also break up today and the non oil revenue from each constituent part will sustain them. Also, if revenue generated by other tiers of government like states and local governments are added to the mix then the percentage of non oil revenue in total government revenue from all the tiers of government will move closer to one hundred percent.

This is a major feat that has bested all administrations since the fall of the first republic.

A major result will be that the fault of the present 1999 constitution will become apparent. A region paying fifty percent of the taxes must be given fifty percent of the representation at all levels and one paying ten percent deserve just that percentage too and etc. It is oil money that has been shutting the mouth of potential agitators. People only submitted to the military constitution because they were collecting free money but now that they pay tax, it will be different.

Always remind yourself never to refer to Nigeria again as dependent on oil and gas resources.

https://thenationonlineng.net/economists-nigeria-shifting-from-oil-to-non-oil-economy/

https://www.thisdaylive.com/2026/04/07/report-nigeria-earned-n161tn-in-15-years-as-tax-surge-reshapes-fiscal-landscape/

https://leadership.ng/nigeria-revenue-service-sets-n40-7trn-target-in-2026-amid-strong-non-oil-growth/

https://www.nigerianstat.gov.ng/

Anything from the Nation is questionable for obvious reasons. However, why oil and gas still stands out is that it's the biggest source of foreign exchange

SmartPolician:
Anything from the Nation is questionable for obvious reasons. However, why oil and gas still stands out is that it's the biggest source of foreign exchange

No. Oil is a big source of forex but not the majority. The majority would be remittances, there is also Nollywood and other exports. What flows into Nigeria every year will be around eighty billion dollars or more, if not over 100 billion dollars.

The report was originally published by the Economist

You mean non oil revenue like loans?

lawani:
No. Oil is a big source of forex but not the majority. The majority would be remittances, there is also Nollywood and other exports. What flows into Nigeria every year will be around eighty billion dollars or more, if not over 100 billion dollars.

The report was originally published by the Economist

Dey play! Our foreign remittance is $20 billion while oil and gas earnings hover around $40 - 50 billion per annum.

SmartPolician:
Dey play! Our foreign remittance is $20 billion while oil and gas earnings hover around $40 - 50 billion per annum.

Forex turnover last year averaged 8.6 billion dollars per month and oil income is never more than 30 billion dollars pa probably not up to that
https://www.thecable.ng/cbn-nigerias-monthly-fx-turnover-hit-8-6bn-in-2025/