How the Nigerian government is planning to rake in $23 billion this year

Ben Akabueze, Director-General, Budget Office of the Federation, breaking down the 2020 National Budget at the  KPMG Tax Breakfast Seminar
  • Nigeria sets out plans to meet N8.42 trillion ($23.05 billion) revenue target for 2020.
  • Ben Akabueze, the Director-General of the Budget Office of the Federation, say the government has added 10 agencies into FG's treasury.
  • He says the initiative of the Finance Act, Public Finance Management Reforms for 2020, and the Stamp Duty, are new revenue lines for the government.

The Nigerian government has set out plans to meet its proposed N8.42 trillion ($23.05 billion) revenue target for 2020.

The government raked in N4.6 trillion last year.

Ben Akabueze, the Director-General of the Budget Office of the Federation, stated this on Friday, February 14th, 2020, at the KPMG Nigeria Breakfast Seminar at the Eko Hotel and Suites, Lagos.

He said the government has captured some revenue-generating agencies in the 2020 budget.

And for 2020 we started with bringing 10 of them on to the body, which includes agencies like NPA, NIMASA, FAAN, and others. “If you look at the revenue projections here, you will see that between those 10 agencies, 80% of their projected revenues will be made available to the treasury.

“So that's a contributing factor to increase in revenue projection for the government,” the DG added.

He said the initiative of the Finance Act, public finance management reforms for 2020, and the Stamp Duty, are new revenue lines for the government.

Akabueze urged the private sectors to act as collaborators with the government in achieving the 2020 revenue projections through prompt payment of taxes and partnership in infrastructure projects.

Nigeria’s 2020 budget details

In December 2019, President Muhammadu Buhari signed the $34.62 billion (N10.59 trillion) 2020 appropriation bill into law.

The budget has Capital Expenditure of N 2.465trn, Recurrent Expenditure N 4.842trn, Statutory Transfer N560.4bn, Debt Servicing N2.72trn, and Fiscal Deficit N2.28trn.

It has the following benchmarks:

  • Estimated crude oil production of 2.18m barrels per day
  • Estimated crude oil price of $57per barrel
  • Exchange rate of N305/$1
  • Projected GDP growth rate of 2.93%
  • Projected Inflation 10.81%.

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