Turning the Corner: A New Compact between Nigeria's People and State

FAAC REVENUES REMAIN FLAT AS A SHARE OF GDP... FX unification has created a windfall for Federation revenues.... yet, large deductions, as well as lower than expected gains from subsidy removal, have kept FAAC revenues constant in percent of GDP terms FAAC Revenues Percent of GDP 3.5 3.0 2.5 1.7 2.0 2.5 0.8 1.7 2.5 1.0 0.7 0.8 0.5 0.6 1.5 0.8 0.8 0.4 0.5 0.5 1.0 0.6 0.4 0.3 0.2 0.4 0.2 0.3 0.1 0.5 0.1 0.9 1.0 0.5 0.4 0.5 0.5 0.0 -0.2 -0.2 -0.2 -0.4 -0.5 -0.7 -0.5 -1.0 Jan-Jun Jul-Aug 2022 ■CIT Customs ■ VAT Total Jan-Jun Jul-Aug Total 2023 ■Net Oil ■Deductions Total Source: OAGF and WB NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP 18

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