The Nigerian Federal Government has set its sights on a significant revenue boost from the oil sector in 2024, aiming for a staggering 214% increase in Petroleum Profit Tax (PPT) collections.
Nigeria's oil sector contributed 4.34% to the GDP in the fourth quarter of 2022, down from 5.19% during the comparable period in 2021
Nigeria generated N799.10billion from oil sector in the first quarter of 2022, which is indicative of a 28.3% decline from N1.11 trillion in the fourth quarter of 2021.
The governors, through El Rufai, have said that the FG spending over N150 billion monthly on subsidy is unsustainable.
