The Federation generated ?19.12 trillion from non-oil revenue sources between January and September 2026 with tax collections and foreign exchange reforms contributing to the revenue performance.
The figure comprised ?11.91 trillion from non-oil statutory revenue and ?7.21 trillion from Value Added Tax (VAT) according to the latest report by Agora on Federation Account Allocation Committee (FAAC) disbursements.
The report showed that VAT accounted for approximately 22.9 per cent of the Federation’s total gross FAAC revenue during the nine-month period indicating the contribution of consumption-related taxes to government earnings.
Agora attributed the performance partly to the implementation of tax reforms increased collections from Company Income Tax (CIT) and other corporate tax components as well as changes arising from the foreign exchange reforms introduced in 2023.
The report explained that VAT collections are largely determined by the level of taxable economic activities consumer spending business transactions and the effectiveness of tax collection mechanisms.
It noted that increased receipts from Company Income Tax and other corporate tax components also contributed to the non-oil revenue recorded during the period.
On the impact of foreign exchange reforms Agora said the adjustment in the exchange rate had increased the naira value of government receipts particularly earnings denominated in foreign currencies.
The report also identified the foreign exchange and petrol subsidy reforms as factors that helped explain the significant increase in nominal FAAC revenue recorded in 2024.
The reforms introduced in 2023 included the unification of foreign exchange windows and the removal of petrol subsidy.
According to the report the changes affected the Federation’s revenue and expenditure position by increasing the naira value of foreign-currency-denominated government earnings and reducing the government’s exposure to subsidy-related expenditure.
The ?19.12 trillion generated from non-oil sources during the first nine months of 2026 comprised statutory non-oil revenue and VAT two major sources of government income outside the oil sector.
Of the total statutory non-oil revenue contributed ?11.91 trillion while VAT collections accounted for ?7.21 trillion.
The report’s figures show the contribution of tax-related sources to Federation revenue during the period alongside the effects of changes in the foreign exchange and subsidy policy framework.