Zainab Ahmed, Nigeria’s Minister of Finance, Budget and National Planning has shared details of the nation’s financial record between January and August 2022.
Speaking at the ministerial presentation of the 2023 budget in Abuja yesterday, the minister said Nigeria in the period under review recorded a deficit of N5.33tn, amounting to N430.82bn above the prorate level.
According to her, the government spent N9.56tn from January to August 2022, out of N11.55tn pro rata expenditure projected for the period. Of the N9.56tn spent in eight months, N3.52tn was expended on debt service while N2.89tn was used for personnel costs and pensions.
While recalling that the total expenditure projected for the whole of 2022 is N17.32tn, the minister noted that the federal government’s retained revenue as of August 2022 was N4.23 trillion, representing 64 per cent of the pro-rata target of N6.65tn.
She disclosed that the Federal Government’s share of oil revenues in 2022 was N395.06bn, representing 27.1 per cent performance, while non-oil tax revenues totalled N1,549.91tn, indicating 102.9 per cent performance.
Ahmed further revealed that the Companies Income Tax and the Value Added Tax collections this year totalled N826.27bn and N210.36bn respectively, representing 136.3 per cent and 99.6 per cent of their respective targets.
Customs’ collections comprising import and excise duties, fees, and federation account special levies fell short of the target by N102.51bn a (17 per cent).
