Nigeria’s Minister of Finance, Zainab Ahmed, says the performance of the 2022 budget was challenged by dwindling oil revenues, which had it trailing at 27.1 per cent performance rate as at August 2022.
At a budget defense meeting with the House Committee on Finance, the lawmakers questioned the rationale behind the low revenue collection from the Nigeria Customs Service, unresolved congestion at ports and reasons behind rising inflation.
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Nigeria’s economy has been on a downward trend with citizens crying foul about the country’s worsening financial power.
In her overview of the first eight months in 2022, the Minister said government’s retained revenue was N4.23 trillion Naira, 64 per cent of the pro-rata target of N6.65 trillion.
Crude oil production challenges and PMS subsidy deductions by the NNPC also pose a significant threat to the achievements of revenue growth targets.
The Minister of State for Finance, Clem Agba also gave a breakdown of the current budget.
As legislative work begins on the 2023 Appropriation Bill, the legislators say they are determined to block all loopholes draining the nation’s resources.
Questions relating to the congestion in the ports and other sundry issues came from the legislators before the meeting went on behind closed doors.
The minister of finance said bold, decisive and urgent action is required to address revenue under performance.
