FG records revenue of N4.06 trillion in H1

The federal government recorded a retained revenue of N4.06 trillion, representing 73.5 percent of the prorata target of N5.52 trillion, in the First half of the Year (H1).

The Technical Assistant (TA) to the Director-General of the Budget Office of the Federation, Prof. Olumide Ayodele, disclosed this, at a workshop organized to sensitise Budget Officers on the 2024 Budget preparation, in Abuja, yesterday.

The figures he provided on the current (2023) budget indicated that the federal government’s share of oil revenues in the first half of the year was N604.10 billion (representing 54.2% performance).

Non-oil tax revenues totaled N1.14 trillion (92.7% performance). CIT and VAT collections were N592.68 billion and N195.08 billion (127% and 101.8% of respective targets.)

Other revenues amounted to N2.14 trillion, of which Independent revenue was N963.25 billion (60.8%), Government Owned Enterprises (GOEs) N354.77 billion (29.3%).

“Low revenues are the key risk to fiscal and debt sustainability; and oil revenues have continued to be low despite higher oil prices,” the TA said.