In aggregate, 34.9 per cent of projected revenues is to come from oil-related sources while 65.1 per cent is to be earned from non-oil sources.
This provision is inclusive of the capital component of statutory transfers, GOEs capital & project-tied loans expenditures. This performance, she added, is inclusive of expenditure estimates of the government owned enterprises but exclusive of project-tied loans. According to the minister of Finance, the revision was necessitated by the need to reflect the new fiscal terms in the Petroleum Industry Act 2021, as well as other critical expenditures in the 2022 budget.
To further enhance independent revenue collection, she said the federal government aims to optimize the operational efficiencies and revenue generation focus of GOEs. “Several measures are being instituted under the administration’s Strategic Revenue Growth Initiatives to improve government revenue and entrench fiscal prudence with emphasis on achieving value for money,” she said.Meanwhile, the Chief of Army Staff , Lieutenant General Faruk Yahaya, has charged troops to be alert and vigilant while discharging their duties, saying the current security challenges call for vigilance by the troops in the discharge of constitutional responsibilities.
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