3 tiers of govt to receive 12% more revenues in 2018 —Buhari

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8 years ago

President Muhammadu Buhari at the 2018 budget presentation at the Senate

President Buhari receiving cheers from the lawmakers after the budget presentation at the National Assembly on Tuesday, November 7, 2017.

President Muhammadu Buhari on Tuesday in Abuja said that the three tiers of government would receive additional 12 per cent revenues in 2018.

The President disclosed this while presenting the 2018 Appropriation Bill of N8.6 trillion to the joint session of the National Assembly.

According to him, based on the total federally-collectible revenue estimated at N11.983 trillion in 2018, the three tiers of government shall receive 12 per cent more revenues than the 2017 estimates.

“Of the amount, the sum of N6.387 trillion is expected to be realised from oil and gas sources.

“Total receipts from the non-oil sector are projected at N5.597 trillion,’’ Buhari said.

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The president said that the Federal Government’s estimated total revenue was N6.607 trillion in 2018, about 30 per cent more than the 2017 target.

“As we pursue our goal of revenue diversification, non-oil revenues will become a larger share of total revenues.

“In 2018, we project oil revenues of N2.442 trillion and non-oil as well as other revenues of N4.165 trillion ,’’ he added.

The president said that non-oil and other revenue sources of N4.165 trillion would include share of Companies Income Tax (CIT) of N794.7 billion, Value Added Tax (VAT) of N207.9 billion as well as Customs and Excise Receipts, N324.9 billion.

“Others are Independently Generated Revenues (IGR) of N847.9 billion, Federal Government’s share of tax amnesty income of N87.8 billion and various recoveries of N512.4 billion,

It also includes N 710 billion as proceeds from the restructuring of government’s equity in joint ventures and other sundry incomes of N678.4 billion.