Merchandise in Nigeria

Nigerian government revenue is divided or put under various that including revenue from oil, non-oil merchandise, and the federal government independent revenue. The main government finances in the country are oil and non-oil revenues. Oil revenues are those that proceed from selling crude oil, petroleum profit tax, rent, and royalties. The non-oil revenues, on the other hand, are revenues received from income tax, value-added tax, and excise and customs duties. The country is largely dependent on the oil sector, which accounts for more than 95 percent of the country’s total earnings (Oti & Odey, 2016). Other sectors, including the non-oil revenues and the federal government independent revenue, take up the rest, although they are gradually increasing over time (Oti & Odey, 2016). An agency report by the premium times reports that non-oil and the federal government independent revenue increased by slightly more than 15 percent above the target.

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