The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has disclosed that the Federal Government generated N6.50trn between January and November 2022.
She said this on Wednesday during the public presentation of the 2023 National Budget.
Buhari had signed the 2023 budget into law on Tuesday after it was passed by the National Assembly.
Present at the event was the Director-General of Budget Office of the Federation, Ben Akabueze; and the Director-General of the Debt Management Office Patience Oniha among others
She put the share of the Federal Government’s oil revenues at N586.71bn representing 35.7 per cent performance, while non-oil tax revenues totaled N2.09trn which is a performance of 123.3 per cent
She stated that the Companies Income Tax and Value Added Tax collections were N1.08trn and N295.2bn, representing 158.6 per cent and 124.3 per cent of their respective targets.
Ahmed added that Customs collections comprising import duties, excise, fees, and special levies) exceeded the target by N15.42bn.
The Minister said “As of November 2022, FGN’s retained revenue was N6.50 trillion, 87% of the prorated target of N7.48trillion.
“The FGN share of oil revenues was N586.71
billion (representing 35.7% performance), while
non-oil tax revenues totaled N2.09 trillion – a
performance of 123.3%.
“CIT and VAT collections were N1.08 trillion and N295.2 billion, representing 158.6% and 124.3% of their respective targets.”
According to the Minister, the non-oil sector—which includes the production of agricultural goods, manufactured goods, and telecommunication services—contributes significantly to Nigeria’s economy.
She said initiatives would be implemented to further improve Federal Government’s revenues.
She listed some of them to include, the Federal Government enhancing port efficiency, strengthen anti-smuggling measures review tariffs among others.
In the medium term, the NCS will introduce frameworks for recovering duties, taxes and appropriate fees from transactions conducted over electronic networks.