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Minister of Finance on implementation of revenue

The Minister of Finance, Mrs Zainab Ahmed, has appeared before the House of Representatives Committee on Finance to give an overview of the 2021 fiscal outcome

Zainab Ahmed, Minister of FinanceThe Minister also gave an update on the 2021 budget implementation.

she gave the update during 2022 the 2024 Medium-Term Expenditure Framework/Fiscal Strategy Paper(MTEF/FSP) Committee interactive session on Monday in Abuja.

She noted that as of June, the Federal Government retained revenue was N2.23 trillion, which amounted to a 67.3 per cent target, adding that the Federal Government shared oil revenue was at N492.44 billion.

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 targets for the period.

She stated that Customs collection was N234.02 billion at 92.1 per cent of the target, stressing that other revenues amounted to N922.09 billion, of which independent revenue was N558.13 billion.

On the expenditure performance, 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 percent of the Federal Government expenditures and N1.795 trillion for personnel cost.

“This is including pension at 30.9 percent 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 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, Mr Femi Gbajabiamila, responding to the Minister said the National Assembly would begin considerations of the 2022 Appropriations Bill once it received it.

“The MTEF/FSP will have a direct impact on the content of that Appropriations Bill, as well as on our ability to deliver on the promises of governance and development that we have made to the Nigerian people,” he said.

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