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Nigeria generates N4.2 trillion, achieving 64% of its revenue target while oil revenue performs at 27%

  • The Nigerian  federal government announced that it hit 64% of revenue generation for the month of August.
  • The minister of finance disclosed key performance figures at the ministerial presentation of the 2023 Budget.
  • Oil revenue represented a 27% performance.

The Federal government of Nigeria generated N4.2 trillion in August 2022.

The Nigerian federal government has announced that it achieved 64% of its pro rata target for revenue generation in the month of August 2022.

The total income generated in the period under review is N4.23 trillion. This is against the N6.65 trillion target, the federal government had set for itself.

The Nigerian minister of finance made the announcement while speaking at the ministerial presentation of the 2023 Budget

She disclosed that the oil sector did not perform anywhere close to where they had projected, coming in at 27% performance.

The Federal Government’s share of oil revenue was N395.06 billion, representing a 27.01% performance. She also mentioned that non-oil tax revenues totaled N1.549.91 trillion, indicating a performance of 102.9%.

Other fact figures show that 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.

The finance minister stated, “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.”

According to Nairametrics, “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.”

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