By Chioma Iruke
The Nigerian Government in June retained revenue of N2.23 trillion, which amounted to 67.3 per cent target, while the government’s share of oil revenue was N492.44 billion, the Minister of Finance has said.
Minister of Finance, Zainab Ahmed, who appeared before the House of Representatives Committee on Finance to give an overview of the 2021 fiscal outcome, also gave an update on the 2021 budget implementation.
The minister gave the update during the 2022 the 2024 Medium-Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) Committee interactive session on Monday in Abuja.
Mrs Ahmed said this represented 49 per cent performance, while the non-oil revenue totalled N778.18 trillion at 104.5 per cent.
According to her, Companies Income Tax (CIT) and Value Added Tax (VAT) collections are ahead of the budget targets with N397.02 billion and N129 billion. This represented 116.5 per cent and 108.2 per cent target for the period.
She stated that Nigerian Customs collection was N234.02 billion at 92.1 per cent of target, stressing that other revenues amounted to N922.09 billion of which independent revenue was N558.13 billion.
On the expenditure performance, Mrs Ahmed said N5.81 trillion, representing 92.4 per cent of the budget had been spent, adding that this excludes GOEs and project-tied debt expenditure.
“Of the expenditure, N2.02 trillion was for debt servicing, which is 35 per cent of the Federal Government expenditures and N1.795 trillion for personnel cost.
“This is including pension at 30.9 per cent of Federal Government revenue,” she said.
She noted that as of June, N1.3 trillion, which represented 84.7 per cent, had been released for capital expenditure.
The minister said that the country’s economy faced serious challenges in 2020 with the microeconomic environment significantly disrupted by the COVID-19 pandemic.
She said that the economy sustained a tepid recovery in the first quarters of 2021.
The Speaker of the House of Representatives, Femi Gbajabiamila, while speaking, said that the National Assembly would begin consideration of the 2022 Appropriations Bill once it received it.