Surge in taxes keeps non-oil revenue above oil revenue as FG generates N3.9 trillion revenue in 8 months
Nigeria generated a sum of N1.15 trillion as non-oil revenue between January and August 2021, which is 15.7% above the prorated target of N992.62 billion set by the federal government. This was largely driven by the performance recorded in VAT collections in the review period. Total revenue recorded during the period stood at N3.93 trillion, 27% lower than the targeted revenue. This is according to data from the public presentation of the 2022 FGN budget proposal and 2021 budget implementation report, made by the minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed. Tax Revenues on track to beat target In the period under review, VAT collections stood at N235.77 billion, which is N76.8 billion higher than N158.95 billion prorated revenue target for the period under review. Recall that the federal government budgeted a sum of N238.43 billion as VAT revenue for the 2021 fiscal year, however in just 8 months into the year, 98.9% of the target for the year has already...