N12.6 Trillion Collected In August FG Shines Amid Economic Revival

N12.6 Trillion Collected In August FG Shines Amid Economic Revival

The Federal Government has announced a total revenue of N12.6 trillion for the period ending August 2024.….CONTINUE READING 

This was revealed by the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, during a meeting with foreign investors on the sidelines of the IMF and World Bank Annual Meetings in Washington, DC.

Yakubu stated that the revenue target for August was set at N13.1 trillion, but the government’s actual revenue stood at N12.6 trillion, resulting in a shortfall of N500 billion.

In his words, “The revenue budget for August was N13.1 trillion, but we recorded N12.6 trillion, leaving a deficit of N500 billion. We missed the aggregate revenue target by 3.6 percent, but overall, we’re performing well.”

Meanwhile, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, noted that the country’s fiscal performance has significantly improved compared to when the current administration took office.

Edun highlighted that debt servicing costs had previously consumed nearly 100 percent of government revenue. However, this figure has now been reduced to approximately 60 percent, though it remains high.

He further added, “The budget deficit has decreased from 6.5 percent of GDP to 4.4 percent, and we remain optimistic about achieving our 4 percent target for 2024.”

Edun emphasized that the administration is focused on boosting the country’s revenue, aiming to reach 23 percent of GDP. His team is also committed to restructuring the macroeconomy to drive sustainable development and rapid growth.