Nigerian Budget Office says Rising taxes and oil revenues by the Federal Government have boosted its earnings by 76 per cent, from N7.1 trillion in 2022 to N12.5 trillion in 2023. The budget office, says while total revenue was up by 76 per cent, oil revenue rose by a whopping 200 per cent from N0.8 trillion in 2022 to N2.4 trillion in 2023, contributing 19.2% to total revenue. The remarkable increase in oil revenue is attributed largely to higher crude oil production, which increased from an average of 1.31mbpd in 2022 to 1.41mbpd in 2023. Non-oil revenue increased by 57.8% from N6.4 trillion in 2022 to N10.1 trillion in 2023, contributing 80.8% to the total revenue.