Nigeria, April 7 -- Tax income now accounts for over 87% of all federally collected money in 2024, the study shows, having increased dramatically during the last 15 years.

Oil income, on the other hand, has plummeted from nearly 73.9% of total revenue in 2010 to just 25.8% in 2024, reflecting a sustained shift away from reliance on crude exports.



Driven by tax law changes, improved collection systems, and a broader revenue base, non-oil revenue has also increased rapidly to almost three-quarters of total revenue.

Analysts connect this change to lessons from the 2014 oil price collapse, which made the country's vulnerability to global commodity swings clear.



Rising VAT rates and tougher enforcement policies have helped recent ta...