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Jan 25 • 11 tweets • 2 min read
How much does Nigeria actually earn, and where does the money go?. Yesterday we talked about Economic Policy. Today, let’s look at the bigger picture i .e Revenue Generation and Allocation. To understand where we are going, we have to look at the "Debt Trap" we just escaped. 🧵👇🏾
Nigeria’s income comes from two main buckets.
Oil Revenue: Crude oil sales, gas royalties, and petroleum profit tax.
Non-Oil Revenue like VAT, Company Income Tax ( Federal Government doesn't collect PIT), Customs duties, and the new Development Levy (4% for mid/large firms).
