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FG announces over N10trn as targeted 2022 revenue

By Idowu Abdullahi

The Minister of Finance, Zainab Ahmed, has disclosed that the Federal Government would working to make no fewer than N10.7 trillion as revenue for 2022 fiscal year.

This is as the minister also announced that Nigeria’s independent revenue generated by the apex government from agencies captured under the Fiscal Responsibility Act crossed the N1 trillion mark in 2021.

The minister explained that N10.7 trillion revenue projection for 2022 was 32 percent higher than the N8.1trillion projected in 2021.

Speaking on Wednesday during the public presentation and breakdown of the 2022 Appropriation Bill in Abuja, the Ahmed noted that while the country projection stood at over 10 trillion, debt servicing was expected to gulp N3.6trillion.

She further explained that the 2022 budget has a deficit of N6.3trillion and would be financed from domestic, foreign, multi-lateral loans and proceed from privitisation.

According to her, a total of N2.5 trillion is expected from domestic sources and N2.5trillion from foreign sources and N1.1 trillion will be from bilateral loans and N90 billion from privatisation proceeds.

On the country’s independent revenue which crossed the N1 trillion mark in 2021, the minister noted that the government agencies who generated the figure include the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), the Securities and Exchange Commission (SEC), the Nigerian Television Authority (NTA), among others.

According to her, these agencies remit 80 per cent of their operating surplus to the Consolidated Revenue Fund Account. Last year, Government Owned Enterprises (GEOs) returned N1.2 trillion to the account. Other revenues in the same year amounted to N2.80 trillion.

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