The federal government has projected the sum of N24 trillion as revenue it will generate in the next three years. The Minister of Finance, Budget and National Planning, Zainab Shamshuna Ahmed disclosed this at the Public consultative forum on the draft Medium Term Expenditure Framework and Fiscal Strategy Paper 2020 – 2022.
She explained that N7.6 trillion is expected to be raised in 2020, while N7.8trillion and N8.6 trillion are expected in 2021 and 2022 respectively with the projected benchmark of oil price level of $55 per barrel with an average exchange rate of N305 per dollar.
Also speaking the DG Budget, Ben Akabueze disclosed that the FG received N2trillion as revenue in the first half of 2019. He also said that about N4trillion revenue was collected in 2018 with an expenditure of N7.4 trillion and a capital budget of N1.7 trillion. Also speaking the Chairman of the Federal Inland Revenue Service (FIRS) Mr Babatunde Fowler appealed to taxpayers to monitor their taxes to ensure they are paid into the federation account. He also urged them to check within 41 days of when the payment is made to be sure it is remitted into the federation account.