The Federal Government of Nigeria has generated N4.23 trillion, which represents 64% of its pro rata target for revenue generation as of August 2022,
The Nigeria’s Finance Minister, Zainab Ahmed disclosed this,vWednesday while speaking during the ministerial presentation of the 2023 Budget.
According to the minister, the Federal Government had set a target of N6.65 trillion for the period.
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 totalled N1.549.91 trillion, indicating a performance of 102.9%. 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.
But “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.