In a recent report titled “Tax-To-GDP Ratio,” the National Bureau of Statistics (NBS) has unveiled staggering figures indicating that Nigeria earned a substantial N25.64 trillion from oil taxes over a 12-year period. This revelation underscores the significance of the oil sector in Nigeria’s economy and its implications for the country’s fiscal landscape. The report also emphasizes the use of revised data sources and improved estimation methods to provide a more accurate representation of Nigeria’s tax revenue.

Oil Tax Revenue Highlights:
According to the NBS report, between 2010 and 2021, Nigeria accumulated a total of N25.64 trillion in tax revenue from the oil sector. The breakdown of oil tax revenue during this period is as follows: Nigeria collected N1.5 trillion in 2010, N3.1 trillion in 2011, and N3.2 trillion in 2012 as oil taxes. Subsequently, the nation earned N2.5 trillion in 2014, N1.5 trillion in 2015, and N1.3 trillion in 2016 from oil taxes. Moreover, Nigeria generated N1.4 trillion in 2017, N2.5 trillion in 2018, and N2.1 trillion in 2019 from this revenue source.

Consequences and Outcomes:

The significant revenue generated from oil taxes in Nigeria has both .........

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