FG hits 64% of revenue generation target at N4.2 trillion with oil revenue at 27% performance

The Nigerian Government announced that it hit 64% of its pro rata target for revenue generation as of August 2022, having generated N4.23 trillion.

This was disclosed by Nigeria’s Finance Minister, Zainab Ahmed on Wednesday 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.

What the minister said:

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%. 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. 

What you should know

• The Federal Account Allocation Committee (FAAC) shared a total sum of N673.137 billion in August 2022 from the Federation Account Revenue to the federal government, states, and local government councils.
• The N673.137 billion total distributable revenue comprised distributable statutory revenue of N437.871 billion, distributable Value Added Tax (VAT) revenue of N215.266 billion, and augmentation of N20.000 billion from the Non-Oil Excess Revenue.