FG Meets 64% Of Revenue Generation Target At N4.2 Trillion With Oil Revenue At 27% Performance

As of August 2022, the Nigerian government reported having generated N4.23 trillion, or 64% of its pro rata objective for income generation.

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At the ministerial presentation of the 2023 Budget on Wednesday, Zainab Ahmed, Nigeria’s finance minister, revealed this.

The Federal Government had set a target of N6.65 trillion for the time period, the minister claimed.

FG Meets 64% Of Revenue Generation Target At N4.2 Trillion With Oil Revenue At 27% Performance

Zainab Ahmed said the Federal Government’s share of oil revenue was N395.06 billion, representing a 27.01% performance. She further revealed that non-oil tax revenues totaled N1.549.91 trillion, indicating a performance of 102.9%.

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In the same vein company income tax (CIT) and value-added tax (VAT), collections were N826.27 billion and N210.36 billion respectively, representing 136.3% and 99.6% of their targets.

Meanwhile, “customs collections, which comprises of import duties, excise and fees, trailed the target by N102.51 billion, which is 17% of its target. Other revenue amounted to N2.19 trillion of which independent revenue was N866.16 billion”, she noted.

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