Federal Budgets — The Republic

Annual budgets, in chronological order

pre-1879 — 2024 · annual outturns 1915–1938, 1964–65, 1970–1999

Tributary revenues of the pre-colonial polities

Before the Royal Niger Company there was no single federal treasury — there were the kharaj and jizya of the Sokoto Caliphate, the palace customs of Benin, the comey of Bonny, Brass and Calabar, the ishakole tribute of Oyo, and the oracle dues of Arochukwu. Each polity ran its own fisc, denominated in cowries, manillas, brass rods, Maria Theresa thaler — currencies the British would crash between 1845 and 1912 (see Cowrie demonetisation).

Pre-1879 · indigenous fiscs

1886-1899Era 0 · RNC

Royal Niger Company accounts

From its 1886 Crown Charter to revocation on 31 December 1899, the Royal Niger Company was the de facto government of the Niger Basin. Its annual accounts — published in the City but never debated in Parliament — averaged £150,000–£250,000 in revenue, drawn from sterling-denominated tariffs on a population still trading in cowries and manillas.

£150k–£250k/yr

1900-1913Era 0.5 · Protectorates

Northern & Southern Protectorate Treasuries

Two parallel colonial budgets, deeply unequal. The Southern Protectorate ran consistent surpluses on customs from Lagos, Forcados, Calabar and Bonny; the Northern Protectorate ran chronic deficits, sustained by an Imperial Treasury subvention of ~£314,000/yr (1912). The structural imbalance was the operational reason for the 1914 Amalgamation.

South: surplus · North: subsidised

1914Era 0.5 · Amalgamation

First Amalgamated Budget — Nigeria

The first consolidated budget for a single 'Nigeria' — ₤4.4m revenue, ₤4.3m expenditure. Lagos and the Southern ports subsidised the Northern provinces from day one. See the Money record entry.

₤4.4m revenue

1915Colonial Nigeria

Government revenue and spending, 1915

The first full war year. Trade dislocation cut import-duty and railway revenue, while spending included £632,168 on the Eastern Railway and £155,981 in war costs. Revenue: £2,703,257. Expenditure: £3,434,215.

£2,703,257 revenue · £3,434,215 spent

1916Colonial Nigeria

Government revenue and spending, 1916

Spending is derived from the 1917 report, which puts 1917 expenditure at £3,219,957, 'or £389,681' below 1916. Export duties were introduced this year. Revenue: £2,943,134. Expenditure: £3,609,638.

£2,943,134 revenue · £3,609,638 spent

1917Colonial Nigeria

Government revenue and spending, 1917

The highest revenue recorded to that date, despite the loss of about £1.47 million a year in duties on trade spirits. Revenue: £3,492,738. Expenditure: £3,219,958.

£3,492,738 revenue · £3,219,958 spent

1918Colonial Nigeria

Government revenue and spending, 1918

Railway revenue and the new export duties replaced the vanished spirits duty. Revenue: £4,014,190. Expenditure: £3,459,774.

£4,014,190 revenue · £3,459,774 spent

1919Colonial Nigeria

Government revenue and spending, 1919

The post-war produce boom. Revenue: £4,959,429. Expenditure: £4,529,176.

£4,959,429 revenue · £4,529,176 spent

1920Colonial Nigeria

Government revenue and spending, 1920

The peak of the post-war boom, before the 1920–21 slump. The 1925 report restates 'true revenue' for 1920 as £6,738,042. From 1921 the financial year moved to April–March. Revenue: £6,819,274. Expenditure: £6,493,523.

£6,819,274 revenue · £6,493,523 spent

1921-22Colonial Nigeria

Government revenue and spending, 1921-22

The slump year: revenue fell by almost a third and the deficit was the largest of the interwar period. A separate January–March 1921 bridging quarter recorded £1,566,748 revenue. Revenue: £4,876,246. Expenditure: £7,171,997.

£4,876,246 revenue · £7,171,997 spent

1922-23Colonial Nigeria

Government revenue and spending, 1922-23

Revenue: £5,505,465. Expenditure: £5,410,983.

£5,505,465 revenue · £5,410,983 spent

1923-24Colonial Nigeria

Government revenue and spending, 1923-24

Revenue: £6,260,561. Expenditure: £5,501,242.

£6,260,561 revenue · £5,501,242 spent

1924-25Colonial Nigeria

Government revenue and spending, 1924-25

A further £367,772 was spent on loan-funded works outside the ordinary account. Revenue: £6,944,220. Expenditure: £5,768,715.

£6,944,220 revenue · £5,768,715 spent

1925-26Colonial Nigeria

Government revenue and spending, 1925-26

From this year the figures include the Nigerian Railway. £1,183,728 more was spent on loan works. Revenue: £8,268,928. Expenditure: £6,683,167.

£8,268,928 revenue · £6,683,167 spent

1926-27Colonial Nigeria

Government revenue and spending, 1926-27

The revenue figure is partly illegible in the digitised report and is given to two decimal places only. Revenue: about £7.71 million. Expenditure: £7,684,692.

about £7.71 million revenue · £7,684,692 spent

1927-28Colonial Nigeria

Government revenue and spending, 1927-28

Revenue: £8,728,451. Expenditure: £9,147,530.

£8,728,451 revenue · £9,147,530 spent

1928-29Colonial Nigeria

Government revenue and spending, 1928-29

Revenue: £8,429,308. Expenditure: £9,395,749.

£8,429,308 revenue · £9,395,749 spent

1929-30Colonial Nigeria

Government revenue and spending, 1929-30

The last year before the Depression. The 1934 report prints the revenue as £8,703,165; both are recorded. Revenue: £8,708,165. Expenditure: £8,947,707.

£8,708,165 revenue · £8,947,707 spent

1930-31Colonial Nigeria

Government revenue and spending, 1930-31

The Depression reached Nigeria through produce prices. Revenue: £7,847,654. Expenditure: £8,555,022.

£7,847,654 revenue · £8,555,022 spent

1931-32Colonial Nigeria

Government revenue and spending, 1931-32

Revenue: £6,732,454. Expenditure: £8,063,143.

£6,732,454 revenue · £8,063,143 spent

1932-33Colonial Nigeria

Government revenue and spending, 1932-33

Revenue and spending were brought back into balance for the first time since 1926-27. Revenue: £6,899,567. Expenditure: £6,898,801.

£6,899,567 revenue · £6,898,801 spent

1933-34Colonial Nigeria

Government revenue and spending, 1933-34

Revenue: £6,750,407. Expenditure: £6,898,816.

£6,750,407 revenue · £6,898,816 spent

1934-35Colonial Nigeria

Government revenue and spending, 1934-35

Revenue: £7,000,625. Expenditure: £6,876,526.

£7,000,625 revenue · £6,876,526 spent

1935-36Colonial Nigeria

Government revenue and spending, 1935-36

Revenue: £7,929,712. Expenditure: £7,690,971.

£7,929,712 revenue · £7,690,971 spent

1936-37Colonial Nigeria

Government revenue and spending, 1936-37

From this year the report excludes the Nigerian Railway, so the fall against 1935-36 is partly a change in what is counted, not a collapse in revenue. Revenue: £6,259,547. Expenditure: £6,061,348.

£6,259,547 revenue · £6,061,348 spent

1937-38Colonial Nigeria

Government revenue and spending, 1937-38

The 1937 cocoa hold-up against the buying 'pool' of European firms fell in this year. Estimates for 1938-39 were £5,698,539 revenue against £6,631,000 spending (excluding the railway). Revenue: £7,342,450. Expenditure: £7,375,570.

£7,342,450 revenue · £7,375,570 spent

1946Late Colonial

Ten-Year Plan of Development & Welfare

The first long-range colonial development plan — ₤55m over ten years, of which ₤23m from the UK Colonial Development and Welfare Acts. The fiscal ancestor of every National Development Plan that followed.

₤55m / 10 years

19621st Republic

First National Development Plan

Six-year plan, ₦2.2 billion. Federal capital expenditure for the first time consolidated across the regions.

₦2.2bn (plan)

19641st Republic

Government revenue and spending, 1964

Federal Government, calendar year. Overall deficit £33.4 million, financed by loans and drawing on reserves. Revenue: £137.8 million. Expenditure: £171.2 million (£133.4m recurrent, £37.8m capital).

£137.8 million revenue · £171.2 million spent

19651st Republic

Government revenue and spending, 1965

Federal Government, calendar year. Revenue rose 16.4 per cent, helped by higher oil royalties. Overall deficit £23.8 million. Figures include statutory transfers to the Regions. Revenue: £160.5 million. Expenditure: £184.3 million (£144.6m recurrent, £39.7m capital).

£160.5 million revenue · £184.3 million spent

1970Reconstruction

Second National Development Plan

Three Rs — reconstruction, rehabilitation, reconciliation. ₦3 billion programme.

₦3bn (plan)

1970Gowon

Federal fiscal outturn, 1970

The first budget after the civil war. Spending ran well ahead of revenue as reconstruction under the Second National Development Plan began. The federation collected ₦634m — 26 per cent of it from oil — and the Federal Government spent ₦903.9m, closing the year with a deficit of ₦455.1m.

₦634m collected · ₦903.9m spent

1971Gowon

Federal fiscal outturn, 1971

Nigeria joined OPEC in July. Oil supplied 44 per cent of federal revenue this year; from 1972 it supplied more than half, every year. The federation collected ₦1.17bn — 44 per cent of it from oil — and the Federal Government spent ₦997.2m, closing the year with a surplus of ₦171.6m.

₦1.17bn collected · ₦997.2m spent

1972Gowon

Federal fiscal outturn, 1972

The federation collected ₦1.41bn — 54 per cent of it from oil — and the Federal Government spent ₦1.46bn, closing the year with a deficit of ₦58.8m.

₦1.41bn collected · ₦1.46bn spent

1973Gowon

Federal fiscal outturn, 1973

The federation collected ₦1.7bn — 60 per cent of it from oil — and the Federal Government spent ₦1.53bn, closing the year with a surplus of ₦166.1m.

₦1.7bn collected · ₦1.53bn spent

1974Gowon

Federal fiscal outturn, 1974

The first oil shock: revenue nearly trebled in a single year and the federation recorded its largest surplus of the decade. The Udoji salary award followed at the end of the year. The federation collected ₦4.54bn — 82 per cent of it from oil — and the Federal Government spent ₦2.74bn, closing the year with a surplus of ₦1.8bn.

₦4.54bn collected · ₦2.74bn spent

1975Gowon

Federal fiscal outturn, 1975

The Udoji arrears and the Third Plan pushed spending past revenue; the 1974 surplus turned into a deficit within twelve months. The federation collected ₦5.51bn — 77 per cent of it from oil — and the Federal Government spent ₦5.94bn, closing the year with a deficit of ₦427.9m.

₦5.51bn collected · ₦5.94bn spent

1976Murtala / Obasanjo

Federal fiscal outturn, 1976

The federation collected ₦6.77bn — 79 per cent of it from oil — and the Federal Government spent ₦7.86bn, closing the year with a deficit of ₦1.09bn.

₦6.77bn collected · ₦7.86bn spent

1977Obasanjo

Federal fiscal outturn, 1977

The federation collected ₦8.04bn — 76 per cent of it from oil — and the Federal Government spent ₦8.82bn, closing the year with a deficit of ₦781.4m.

₦8.04bn collected · ₦8.82bn spent

1978Obasanjo

Federal fiscal outturn, 1978

Oil prices softened and revenue fell. The Obasanjo government cut spending and borrowed the first 'jumbo' Eurodollar loan. The federation collected ₦7.37bn — 62 per cent of it from oil — and the Federal Government spent ₦8bn, closing the year with a deficit of ₦2.82bn.

₦7.37bn collected · ₦8bn spent

1979Obasanjo

Federal fiscal outturn, 1979

A second oil shock and a tightly held transition budget produced the last federal surplus for sixteen years. The federation collected ₦10.91bn — 81 per cent of it from oil — and the Federal Government spent ₦7.41bn, closing the year with a surplus of ₦1.46bn.

₦10.91bn collected · ₦7.41bn spent

1980Shagari

Federal fiscal outturn, 1980

Record revenue at the height of the second oil boom, and record capital spending under the Fourth Plan. The federation collected ₦15.23bn — 81 per cent of it from oil — and the Federal Government spent ₦14.97bn, closing the year with a deficit of ₦1.98bn.

₦15.23bn collected · ₦14.97bn spent

1981Oil Boom

Fourth National Development Plan (Shagari)

₦82 billion plan. Imports surge; external debt grows from near-zero (1975) to $19 billion by 1983.

₦82bn (plan)

1981Shagari

Federal fiscal outturn, 1981

The federation collected ₦13.29bn — 64 per cent of it from oil — and the Federal Government spent ₦11.41bn, closing the year with a deficit of ₦3.9bn.

₦13.29bn collected · ₦11.41bn spent

1982Shagari

Federal fiscal outturn, 1982

Oil revenue collapsed; the Economic Stabilisation (Temporary Provisions) Act imposed import restrictions and austerity. The federation collected ₦11.43bn — 68 per cent of it from oil — and the Federal Government spent ₦11.92bn, closing the year with a deficit of ₦6.1bn.

₦11.43bn collected · ₦11.92bn spent

1983Shagari

Federal fiscal outturn, 1983

The federation collected ₦10.51bn — 69 per cent of it from oil — and the Federal Government spent ₦9.64bn, closing the year with a deficit of ₦3.36bn.

₦10.51bn collected · ₦9.64bn spent

1984Buhari

Federal fiscal outturn, 1984

The Buhari government's austerity budget: counter-trade, import licensing and deep cuts in capital spending. The federation collected ₦11.25bn — 73 per cent of it from oil — and the Federal Government spent ₦9.93bn, closing the year with a deficit of ₦2.66bn.

₦11.25bn collected · ₦9.93bn spent

1985Buhari

Federal fiscal outturn, 1985

The federation collected ₦15.05bn — 73 per cent of it from oil — and the Federal Government spent ₦13.04bn, closing the year with a deficit of ₦3.04bn.

₦15.05bn collected · ₦13.04bn spent

1986SAP

Structural Adjustment Programme budgets

Naira devaluation, removal of marketing boards, trade liberalisation. Federal spending falls in real terms.

Babangida

1986Babangida

Federal fiscal outturn, 1986

Oil prices crashed to around US$10 a barrel. The Structural Adjustment Programme and a floated naira (SFEM) followed in the second half of the year. The federation collected ₦12.6bn — 64 per cent of it from oil — and the Federal Government spent ₦16.22bn, closing the year with a deficit of ₦8.25bn.

₦12.6bn collected · ₦16.22bn spent

1987Babangida

Federal fiscal outturn, 1987

Naira-denominated revenue roughly doubled — mostly because the currency was devalued, not because more oil was sold. The federation collected ₦25.38bn — 75 per cent of it from oil — and the Federal Government spent ₦22.02bn, closing the year with a deficit of ₦5.89bn.

₦25.38bn collected · ₦22.02bn spent

1988Babangida

Federal fiscal outturn, 1988

The federation collected ₦27.6bn — 72 per cent of it from oil — and the Federal Government spent ₦27.75bn, closing the year with a deficit of ₦12.16bn.

₦27.6bn collected · ₦27.75bn spent

1989Babangida

Federal fiscal outturn, 1989

The federation collected ₦53.87bn — 73 per cent of it from oil — and the Federal Government spent ₦41.03bn, closing the year with a deficit of ₦15.14bn.

₦53.87bn collected · ₦41.03bn spent

1990Babangida

Federal fiscal outturn, 1990

The Gulf War price spike lifted revenue; the 'Dedication Account' controversy over the windfall began here. The federation collected ₦98.1bn — 73 per cent of it from oil — and the Federal Government spent ₦60.27bn, closing the year with a deficit of ₦22.12bn.

₦98.1bn collected · ₦60.27bn spent

1991Babangida

Federal fiscal outturn, 1991

The federation collected ₦100.99bn — 82 per cent of it from oil — and the Federal Government spent ₦66.58bn, closing the year with a deficit of ₦35.76bn.

₦100.99bn collected · ₦66.58bn spent

1992Babangida

Federal fiscal outturn, 1992

The federation collected ₦190.45bn — 86 per cent of it from oil — and the Federal Government spent ₦92.8bn, closing the year with a deficit of ₦39.53bn.

₦190.45bn collected · ₦92.8bn spent

1993Babangida

Federal fiscal outturn, 1993

The annulment year. Spending doubled and the deficit was the largest recorded to that date, largely financed by the Central Bank. The federation collected ₦192.77bn — 84 per cent of it from oil — and the Federal Government spent ₦191.23bn, closing the year with a deficit of ₦107.74bn.

₦192.77bn collected · ₦191.23bn spent

1994Abacha

Federal fiscal outturn, 1994

The Abacha government's 'guided deregulation' re-fixed the exchange rate at ₦22 to the dollar for official transactions. The federation collected ₦201.91bn — 79 per cent of it from oil — and the Federal Government spent ₦160.89bn, closing the year with a deficit of ₦70.27bn.

₦201.91bn collected · ₦160.89bn spent

1995Abacha

Federal fiscal outturn, 1995

The Autonomous Foreign Exchange Market was introduced and the federation recorded a small surplus, the first since 1979. The federation collected ₦459.99bn — 71 per cent of it from oil — and the Federal Government spent ₦248.77bn, closing the year with a surplus of ₦1bn.

₦459.99bn collected · ₦248.77bn spent

1996Abacha

Federal fiscal outturn, 1996

A surplus year. The Petroleum (Special) Trust Fund spent outside the federal budget, so this figure understates public spending. The federation collected ₦520.19bn — 79 per cent of it from oil — and the Federal Government spent ₦337.22bn, closing the year with a surplus of ₦32.05bn.

₦520.19bn collected · ₦337.22bn spent

1997Abacha

Federal fiscal outturn, 1997

The federation collected ₦582.81bn — 72 per cent of it from oil — and the Federal Government spent ₦428.22bn, closing the year with a deficit of ₦5bn.

₦582.81bn collected · ₦428.22bn spent

1998Abacha

Federal fiscal outturn, 1998

Oil fell below US$12 a barrel and Abacha died in office in June; the deficit reopened. The federation collected ₦463.61bn — 70 per cent of it from oil — and the Federal Government spent ₦487.11bn, closing the year with a deficit of ₦133.39bn.

₦463.61bn collected · ₦487.11bn spent

1999Abubakar / Obasanjo

Federal fiscal outturn, 1999

The transition year: General Abdulsalami Abubakar handed over to President Obasanjo on 29 May. Revenue doubled with the recovery in oil prices and the end of the dual exchange rate. The federation collected ₦949.19bn — 76 per cent of it from oil — and the Federal Government spent ₦947.69bn, closing the year with a deficit of ₦285.1bn.

₦949.19bn collected · ₦947.69bn spent

20004th Republic