,
8 tweets,
5 min read
Read on Twitter
Here’s @firsNigeria ‘s revenue collection scorecard for the past 8 years. The previous highest collection was in 2012 with N5.01 trillion but now 2018 with N5.32 trillion. The growth in 2018 was influenced largely by oil which increased by 62% while non-oil grew by 14%. #TaxMoney 
Between 2011 and 2018, the least tax revenue collection was recorded in 2016 with a total of N3.31 trillion. It was the year with the least oil tax revenue of N1.16 trillion. Check out 2011 and 2012 with oil tax revenue of N3.07 trillion and N3.2 trillion respectively. #TaxMoney
With the exception of 2016, non-oil tax revenue has grown consistently year on year. There was a decline in 2016, but the trend of annual growth returned in 2017 and remained in 2018. Oil tax revenue reflected the volatility in crude oil price between 2011 and 2018. #TaxMoney
The reality of oil dependence is easily seen in tax collection. The growth/decline trend follows same pattern with total tax revenue. Contribution from oil sources in 2013 was 34%, 2016 was 35%, 2017 was 38% and 46% in 2018. #TaxMoney
Total reported tax collection in 8 year totaled N35.5 trillion; N17.8 trillion from oil sources and N17.7 from non-oil; its 50% each.
When non-oil tax revenue accounted for nearly 2/3rd of collection (66% in 2015, 65% in 2016 & 62% in 2017), it was due to crude oil price and not because we’ve fully diversified from oil sources. With crude oil price decent recovery in 2018, non-oil contributed 54%. #TaxMoney
The target of N8 trillion for 2019 will be driven largely by sources from oil. Non-oil sources is expected to grow, and will require a lot of efforts by @firsNigeria to achieve, but oil will account for a greater percentage. #TaxMoney
For those who ask repeatedly, and wonder why FG still borrow despite amount collected by @firsNigeria , the total collection doesn’t go to FG alone. The revenue goes into the federation account and central VAT pool that’s shared according to define formular. #TaxMoney
