The Federal Government recorded N1.1 trillion independent revenue as of November 2021 compared to about N200 billion earned in 2016.
This was disclosed by the Director-General, Budget Office of the Federation, Mr Ben Akabueze, at the public presentation and breakdown of the highlights of the 2022 Appropriation Act, on Wednesday in Abuja.
“As of November 2021, the Federal Government recorded N1.1 trillion independent revenue, indicating that this line of revenue will do better in future,” Akabueze said.
Independent revenue is a stream of income received without directly exchanging labour-power for it. Examples are interest on money capital, dividends earned by share ownership, rental income, etc.
The Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed, said in her presentation that “The trend shows a steady improvement of our independent revenues over the years. As of November 2021, we had surpassed all collections for FGN independent revenues from 2017 to date. This reflects the performance of our revenue growth initiatives for this revenue stream.
“We have now for the first time surpassed the 1 trillion mark collection for independent revenues (N1.104tn collected as of November against a budget target of 973.41bn). Analysts have always considered our projections unrealistic, but we have always insisted on the potentials that exist to grow FGN independent revenues.”
Experts who have been monitoring the Nigerian economy commended the giant stride achieved so far and urged the Federal Government to maintain the tempo in order to reduce the current deficit of N6.26 trillion in the 2022 Budget of N17.13 trillion and work towards a surplus budget in the nearest future.
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