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Breaking: Zacch Adedeji-led FIRS fails to meet target of oil tax revenue target by N1.69T in Q1 2024
The Federal Inland Revenue Service (FIRS) has failed to reach the approved target for the 2024 budget of N9.96 trillion, with a monthly average of N829.97 billion from oil taxes.
The Federal Inland Revenue Service (FIRS) has failed to reach the approved target for the 2024 budget of N9.96 trillion, with a monthly average of N829.97 billion from oil taxes.
Based on the approved 2024 budget, FIRS is meant to have collected N3.32 trillion in oil taxes between January and April this year but the agency is farther from this goal by N1.69 trillion, an amount more than what it collected.
The Federal Inland Revenue Service (FIRS) has failed to reach the approved target for the 2024 budget of N9.96 trillion, with a monthly average of N829.97 billion from oil taxes.
Based on the approved 2024 budget, FIRS is meant to have collected N3.32 trillion in oil taxes between January and April this year but the agency is farther from this goal by N1.69 trillion, an amount more than what it collected.
The FIRS recorded a total of N1.63 trillion as tax revenue from the oil sector between January and April 2024, which is 49% of the approved goal.
Lower than the approved budgetary goal, the FIRS has an internal goal of N7.5 trillion for the entire year, with a monthly average of N625 billion.
This means that the agency should have an internal four-month tax revenue goal of N2.5 trillion. However, it only recorded about 65% of its four-month goal.
The amount is also 22% of the N7.5 trillion that the agency plans to collect this year, as it sets its sights on a significant revenue boost from the oil sector in 2024.
Source: FIRS
The total figure raised so far this year is slightly higher than the N1.19 trillion collected within the same period last year.
The data for the amount raised this year is based on figures presented by FIRS officials at the monthly meetings of the Federal Accounts Allocation Committee (FAAC).
What the Data Shows
In the period under review, FIRS only recorded Petroleum Profits Tax (PPT) and Hydrocarbon Tax (HT) from foreign firms and zero collection from local firms in 2024.
A total of N966.73 billion was recorded as foreign receipts, a substantial increase of 84% compared to the total foreign receipts collected in the same period of 2023 (N525.14 billion).
This increase can be attributed to higher oil prices or naira devaluation. However, in 2023, there was a record of N664.90 billion as local receipts for PPT.
A total of N1.19 trillion was collected in the first four months of 2023 from local and foreign oil firms.
The data also shows that Company Income Tax (CIT) on Upstream Activities was N667.74 billion in the period under review in 2024.
However, there is no record of such tax in the same period in 2023. This means a total of N1.63 trillion was collected from the oil sector’s PPT and CIT in 2024.
Issues in the oil sector
Nigeria’s oil sector has been bedevilled by several challenges, such as pipeline vandalism, illegal oil bunkering and theft. Also, the majority of Nigeria’s oil pipeline infrastructure was constructed around 70 years ago, and is outdated.
Due to the challenges in the oil sector, the Federal Government hardly made up to 70% of its target revenue from this sector in the past two years.
In 2022, the Federal Government generated only 35.4% of its targeted oil revenue, earning N776.35 billion out of N2.19 trillion.
There was some improvement in 2023, as FIRS collected about 60% of its targeted oil revenue in 2023, getting N3.17 trillion out of N5.26 trillion last year.
Aside from the government’s revenue taking a hit, oil firms, who have been struggling in the sector, have chosen to exit the market. They include TotalEnergies, Shell, ExxonMobil and Norway’s Equino.
TotalEnergies’ CEO, Patrick Pouyanne, stated that the company chose to invest $6 billion in Angola over Nigeria due to policy inconsistencies and other issues in the country.
What You Should Know
While being a leading oil producing nation, Nigeria still struggles to meet its OPEC quota as a result of so many factors such as oil theft, low investment and infrastructure inadequacy in the sector.
The Federal Government targets a conservative oil price benchmark of $77.96 per barrel, coupled with a daily production estimate of 1.78mb/d for 2024.
About two weeks ago, Brent crude futures traded near $84 a barrel, while West Texas Intermediate (WTI) remained above $80.
Last month, Nigeria’s 1, higher than the major oil benchmark.
Also, the Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries and its allies (OPEC+) pegged Nigeria’s crude oil production quota for 2024 at 1.5 million barrels daily.
However, Nigeria’s average crude oil production for the month of April marginally rose to 1.281 million barrels daily.
In the first quarter of the year, average daily production stood at 1.327 million barrels per day.
The consistent inability of the country to meet its OPEC quota and budget proposal target has negative effects on revenue generation, foreign exchange stabilisation, overall budget performance and foreign reserve position.
Despite the challenges, the current administration said it aimed to increase the country’s oil production to an ambitious 4 million barrels daily by the end of the decade.
Breaking News
Reps Plenary Turns Chaotic As Motion To Rescind Electoral Act Amendment Sparks Row
The House of Representatives descended into a rowdy session on Tuesday during an emergency plenary called to reconsider the Electoral Act (Amendment) Bill, 2025.
The chaos was triggered by a motion to rescind the bill’s earlier passage from December 23, 2025, which had mandated the real-time electronic transmission of election results to the IReV portal.
During plenary, Francis Waive, chairman of the house of representatives committee on rules and business, moved a motion for the house to reverse its decision on the bill which was passed on December 23, 2025.
When Tajudeen Abbas, speaker of the house, put the motion to a voice vote, the “nays” were louder than the “ayes”, but he ruled that the ayes had it.
The ruling triggered protests from lawmakers, who began hollering in objection. Abbas subsequently called for an executive session, but the proposal was also rejected.
Despite the resistance, the speaker moved the house into an executive session.
When the green chamber passed the electoral act in December, it adopted a proposal mandating the real-time transmission of election results to the Independent National Electoral Commission’s result viewing portal (IReV).
Breaking News
El-Rufai Alleges Ribadu Behind Airport Arrest Attempt, Reveals Next Move
Former Kaduna State Governor, Nasir El-Rufai, has accused National Security Adviser, NSA, Nuhu Ribadu of being behind the attempt to arrest him at the Nnamdi Azikiwe International Airport in Abuja on Thursday, shortly after he returned from a trip to Cairo, Egypt.
El-Rufai made the allegation while speaking with former Vice President Atiku Abubakar, who paid him a solidarity visit at his residence on Thursday night.
According to him, operatives of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, working with the Department of State Services, DSS, and not the Economic and Financial Crimes Commission, EFCC, confronted him at the airport and attempted to take him into custody.
“It turned out that it’s the ICPC that procured DSS to abduct me and hands me over to them. The ICPC has never invited me.
“We just understand that it’s the ICPC not EFCC that’s responsible for what happened today and the ICPC chairman is acting of the direct order of Nuhu Ribadu,” El-Rufai said.
Responding, Atiku expressed sympathy with the former governor and stressed the need for political unity ahead of the next general election.
The ex-Vice President noted that opposition forces must organize themselves to challenge President Bola Tinubu in 2027.
“We must come together and form very viable opposition because Tinubu is determined to turn Nigeria into a one party state,” Atiku said.
Breaking News
Nnamdi Kanu Challenges Life Sentence, Files Appeal Against Terrorism Conviction
Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB), has officially filed a notice of appeal challenging his conviction and multiple sentences.
Kanu insisted that the trial was riddled with fundamental legal errors and amounted to a miscarriage of justice.
In the notice of appeal dated February 4, 2026, Kanu said he was appealing against his conviction and sentences on seven counts, including terrorism-related offences, for which he received five life sentences and additional prison terms after being found guilty on November 20, 2025.
“I, Nnamdi Kanu, the Appellant, having been convicted and sentenced… do hereby give notice of appeal against my conviction,” the document stated.
Kanu was convicted for offences including “committing an act preparatory to or in furtherance of an act of terrorism,” “making a broadcast… with intent to intimidate the population,” and “being the leader and member of the Indigenous People of Biafra (IPOB), a proscribed organisation in Nigeria,” among others.
Justice James Omotosho of the Federal High Court, Abuja, delivered the judgment on November 20, 2025, sentencing Kanu to five life terms for terrorism-related offences, 20 years’ imprisonment for being the leader of the proscribed IPOB, and five years’ imprisonment with no option of fine for importing a radio transmitter without a licence.
In his grounds of appeal, the IPOB leader accused the trial court of failing to resolve what he described as a “foundational disruption of the original trial process” following the 2017 military operation at his Afara-Ukwu residence.
“The learned trial judge erred in law by failing to resolve the procedural and competence consequences of the foundational disruption of the original trial process in September 2017,” Kanu argued.
He also contended that the court proceeded to trial and judgment while his preliminary objection challenging the competence of the proceedings remained unresolved.
“The learned trial judge did not hear or determine the objection,” the appeal document stated, adding that judgment was delivered “while the objection remained pending and undetermined.”
Kanu further faulted the court for delivering judgment while his bail application was still pending, arguing that this affected the fairness of the trial process.
He also claimed that the trial court convicted him under a law that had already been repealed, stating that “the learned trial judge erred in law by convicting and sentencing the Appellant under the Terrorism Prevention (Amendment) Act, 2013, notwithstanding its repeal by the Terrorism (Prevention and Prohibition) Act, 2022, prior to judgment.”
Kanu further argued that he was subjected to double jeopardy, contrary to Section 36(9) of the 1999 Constitution, after being retried on facts he said had earlier been nullified by the Court of Appeal.
He also complained that he was denied fair hearing, claiming that he was not allowed to file or present a final written address before judgment was delivered.
Among the reliefs sought, Kanu asked the Court of Appeal to allow the appeal, quash his conviction and sentences, and “discharge and acquit the Appellant in respect of all the counts.”
He also informed the appellate court of his desire to be present at the hearing of the appeal, stating, “I want to be present at the hearing of the appeal because I may be conducting the appeal in person.”
Kanu is currently being held at a correctional facility in Sokoto State, after his application to be transferred to a different facility in either Niger or Nasarawa State was denied.


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