Economy
Nigeria recorded N5.81tn trade surplus in Q3 – NBS
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Nigeria has recorded a trade surplus of N5.81tn in the third quarter of 2024, reflecting a remarkable rise in export earnings, according to the latest data from the National Bureau of Statistics.
However, the surplus recorded in Q3 2024 is far lower than the N6.95tn trade surplus recorded in the previous quarter.
The NBS in its foreign trade statistics report on Friday noted that Nigeria’s merchandise trade for the Q3 2024 was a total value of N35.16tn, marking an 81.35 per cent increase compared to the same period in 2023 and a 13.26 per cent rise from the previous quarter.
Total exports for the quarter surged by 98.00 per cent to N20.49tn, compared to N10.35tn in Q3 2023.
This marks a 16.76 per cent increase from N17.55tn in the preceding quarter, Q2 2024.
The NBS report read, “Total exports in Q3 2024 were valued at N20.49tn, reflecting a 98.00 per cent rise compared to N10.35tn in the corresponding quarter of 2023 and a 16.76 per cent increase compared to N17.55tn in Q2 2024.”
The significant boost in exports was primarily driven by Nigeria’s crude oil and natural gas exports, which remain key contributors to the country’s foreign exchange earnings.
Crude oil exports alone amounted to N13.41tn, a 57.06 per cent increase from N8.54tn in Q3 2023.
Exports of other oil products, including liquefied natural gas and petroleum gases, also saw a massive 303.93 per cent rise, totalling N4.58tn.
In addition to oil exports, agricultural exports saw an extraordinary increase of 301.87 per cent, reaching N884.07bn, compared to N219.99bn in Q3 2023.
This growth was despite a slight decline of 9.20 per cent from the previous quarter.
Exports of solid minerals and manufactured goods also performed well, rising by 86.58 per cent and 419.93 per cent respectively.
Spain was Nigeria’s largest export partner in Q3 2024, followed by the United States, France, the Netherlands, and Italy.
These countries benefitted from Nigeria’s crude oil, LNG, and other petroleum exports.
On the imports side, Nigeria’s total import bill for Q3 2024 stood at N14.67tn, an increase of 62.30 per cent from N9.04tn recorded in the same period in 2023.
Compared to the previous quarter, imports rose by 8.71 per cent.
The report read, “The value of total imports stood at N14.67tn in the third quarter of 2024, representing a rise of 62.30 per cent from the value recorded in the corresponding quarter of 2023 (N9.04tn) and increased by 8.71 per cent compared with the value recorded in Q2, 2024 (N13.5tn).”
The rise in imports was driven largely by manufactured goods, which increased by 76.44 per cent to N6.98tn, and raw materials, which saw a 66.11 per cent rise to N1.58tn.
Other notable imports included agricultural products, valued at N882.24bn, reflecting a 37.06 per cent increase from Q3 2023.
China continued to dominate Nigeria’s import trade, followed by India, Belgium, the United States, and Malta.
Key imported goods included motor spirit, gas oil, durum wheat, and used vehicles.
A total sum of N2.300 trillion, being the May 2026 Federation Account Revenue, has been shared between the federal government, states, and the local government councils.
In a statement on Wednesday by the spokesperson of the Office of the Accountant General of the Federation, Bawa Mokwa, the revenue was shared at the June 2026 Federation Account Allocation Committee FAAC meeting held in Abuja.
The N2.300 trillion total distributable revenue comprised distributable statutory revenue of N1.611 trillion and distributable Value Added Tax (VAT) revenue of N688.785 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that the total gross revenue of N3.395 trillion was available in the month of May 2026. Total deduction for cost of collection was N123.546 billion, while total transfers and refunds were N971.610 billion.
According to the communiqué, gross statutory revenue of N2.651 trillion was received for the month of May 2026. This was higher than the sum of N2.378 trillion received in the preceding month by N273.623 billion.
Gross revenue of N743.668 billion was available from the Value Added Tax (VAT) in May 2026. This was lower than the N806.617 billion available in the month of April 2026 by N62.949 billion.
The communiqué stated that from the N2.300 trillion total distributable revenue, the federal government received a total sum of N818.680 billion, and the state governments received a total sum of N759.141 billion.
The local government council received N534.277 billion, while the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting state as derivation revenue.
On the N1.611 trillion distributable statutory revenue, the communiqué stated that the federal government received N749.801 billion and the state governments received N380.309 billion.
The local government councils received N293.202 billion, and the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N688.785 billion distributable Value Added Tax (VAT) revenue, the federal government received N68.879 billion, the state governments received N378.832 billion, and the local government councils received N241.075 billion.
In May 2026, Companies Income Tax (CIT), CGT, SDT, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and Oil and Gas Royalty increased significantly, while Import Duty, Value Added Tax (VAT), Excise Duty, and CET Levies decreased considerably.
The Federal Government, states and local government councils shared a total sum of N2.257 trillion from the Federation Account in April.
Director, Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa, disclosed this in a statement on Monday.
The revenue was shared at the May 2026 Federation Account Allocation Committee, FAAC, meeting held in Abuja.
The N2.257 trillion total distributable revenue comprised distributable statutory revenue of N1.260 trillion , distributable Value Added Tax, VAT, revenue of N747.088 billion, and augmentation of N250.000 billion.
This indicated that total gross revenue of N3.184 trillion was available in the month of April 2026. The total deduction for cost of collection was N113.756 billion, while total transfers, refunds, and savings were N813.839 billion.
According to the statement, gross statutory revenue of N2.378 trillion was received for the month of April 2026. This was higher than the sum of N1.699 trillion received in the preceding month by N678.224 billion.
Gross revenue of N806.617 billion was available from VAT in April 2026. This was higher than the N664.425 billion available in the month of March 2026 by N142.192 billion.
The communiqué stated that from the N2.257 trillion total distributable revenue, the Federal Government received a total sum of N787.351 billion, and the state governments received a total sum of N772.360 billion.
The local government councils received N540.152 billion, while the sum of N157.254 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
On the N1.260 trillion distributable statutory revenue, the statement stated that the Federal Government received N580.942 billion and the state governments received N294.661 billion.
The local government councils received N227.172 billion, and the sum of N157.254 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N747.088 billion distributable VAT revenue, the Federal Government received N74.709 billion, the state governments received N410.898 billion, and the local government councils received N261.481 billion.
The Federal Government received N131.700 billion of the N250.000 billion, the state governments received N66.800 billion, and the local governments received N51.500 billion.
In April 2026, Companies Income Tax, CIT, CGT, SDT, import duty, oil and gas royalty, and VAT increased significantly, while Petroleum Profit Tax, PPT, and hydrocarbon tax, HT, decreased considerably.
Excise duty and CET levies decreased marginally.
Nigeria’s company income tax, CIT, decreased in the first quarter of 2026 to N1.37 trillion.
The National Bureau of Statistics, NBS, disclosed this in its CIT report released on Monday.
The report showed that the country’s CIT dropped by 8.98 percent when compared to N1.449 trillion collected in Q4 2025.
Further breakdown showed that domestic CIT stood at N538.91 billion, while foreign payments accounted for N828.82 billion in the period under review.
“Company Income Tax (CIT) in Q1 2026 stood at N1.37 trillion, indicating a decrease of 8.08 percent on a quarter-on-quarter basis from N1.49 trillion in Q4 2025.
“Of the total CIT collected, domestic CIT contributed N538.91 billion, while foreign CIT payment accounted for N828.82 billion during the quarter,” the NBS stated.
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