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How FG Generated Revenue in 2021
How did the federal government generate its revenue in 2021? Between January and August, the federal government earned N3.06tn, which includes oil revenue (N754bn), CIT (N547bn), VAT (N235bn), and others (N107bn). Recall that the Federal Government had a revenue projection of N7.99tn for 2021. Speaking of expenditure, the federal government spent N2.86tn on debt servicing within this period, with personnel costs at N2.17tn, while CAPEX (MDAs plus others) was a total of N1.72tn. More so, FG’s plan was to spend N4.13tn on CAPEX and N5.64tn on Non-Debt Recurrent Expenditure for the full fiscal year. Will FG meet its projections for the year?
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