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Nigeria Suffers N1.4tn Shortfall In Five Months
An analysis of the Medium Term expenditure framework and Fiscal Strategy paper for 2022-2024 has shown that between January and May 2021, the Federal Government recorded a revenue shortfall of N1.4trillion. The report obtained from the Budget Office of the Federation said the Federal Government’s projected revenue for the 2021 fiscal year is N7.9tn, of…
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States’ IGRs Shrink By 22% In Two Years
The aggregate internally generated revenue of the 36 states in the country and the Federal Capital Territory Administration fell by 37 billion in two years. This is according to data obtained from the National Bureau of Statistics. As of the end of 2018, states’ IGR stood at N1.68 trillion, while by the end of 2020,…
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Nigeria’s Revenue To GDP Ratio Lowest In The World
The World Bank says Nigeria’s revenue to gross domestic product ratio is the lowest in the world. The bank’s country director for Nigeria, Shubham Chaudhuri, said this during a panel session at a virtual public sector seminar organised by the Lagos Business School (LBS) themed ‘Nigeria in Challenging Times; Imperatives for a Cohesive National Development…
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Borno Generates N8.02bn In Five Months
Between January and May this year, the Borno Internal Revenue Service (BO-IRS) generated N8.02 billion. BO-IRS Chairman Mohammed Alkali, who disclosed this, said the figure was the “highest revenue ever generated by the service in history for January-May.” Earlier in April, the service disclosed that it “collected N4,296,859,669.2 between January and March 2021 despite the…
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Nigeria Gets N6bn From Mining Licences
The Nigerian Mining Cadastre Office, under the auspices of the Ministry of Mines and Steel Development, has generated N6.899 billion from 2019 to the first half of this year. The revenue was generated through mining licenses, from the applications for mineral titles and permits as well as applications for the transfer, renewal, modification, and relinquishment…
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FG Spent 97% Of Jan-May Revenue On Debt Servicing
The federal government has spent N1.8 trillion on debt servicing between January and May 2021. This is out of the N1.84 trillion revenue generated within the same five months. This puts the nation’s debt-to-revenue ratio, a key measure of debt sustainability, at 97.8 percent for the period under review. The Minister of Finances and National…
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Customs Generates N1tr In 6 Months
The Nigeria Customs Service has generated N1.003 trillion in revenue in the first six months of 2021. NCS has also seized 2,333 goods worth N4.4 billion in Duty Paid Value in the period under review. The spokesman of NCS, Deputy Comptroller Joseph Attah, said, “The service generated the sum of N1.003trn from January to June…
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FAAC Shares N605bn In May 2021
A total sum of N605.958 billion has been shared by the three tiers of government as revenue from the federation accounts allocation committee in May 2021. In a statement, Charles Nwodo, spokesperson of the federal ministry of finance, budget and national planning, said the disbursed fund is lower by N11 billion when compared to the…
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Nigeria May Earn N462bn From EMT Levy
The World Bank has said, in its ‘Resilience through Reforms’ report, that Nigeria would likely make N462 billion from the electronic money transfer levy as a source of stable revenue in 2021. According to the report, the EMT levy was introduced in the Finance Act 2020, which amended the Stamp Duty Act and taps into…
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Lagos-Ibadan Railway To Generate N1.1bn Annually
An analysis by the Nigeria Railway Cooperation has said that the Federal Government will be raking in about N1.1bn yearly from the operations of the newly launched Lagos-Ibadan standard gauge railways. The Nigerian Railway Corporation currently operates two trains on the route, and each of them makes one return trip; a sum of four trips…