The Minister of Finance, Budget and National Planning, Mrs
Zainab Ahmed, disclosed this during the public presentation of the 2023 Federal
Government budget.
Mrs Zainab disclosed that in the 2023 fiscal period, the
government has made provisions of N3. 36trillion naira for fuel subsidy payment
to cover the first six months of this year.
This, she stated, is in line with the 18-month extension
announced in early 2022.
Breaking down the budget, the minister noted that the
nation’s revenue performance as at November 2022 stood at 6. 5 trillion naira,
representing an 87 percent of the set target of 7. 8 trillion naira for the
year.
An analysis of the key contributors to the revenue
collection according to the minister of finance and planning, includes a N586billion
collection from the Federal Government, Customs – N15billion, independent
revenue collection N1.3trillion as well as a N3.7trillion collection from other
sources of revenue.
Top sectors that contributed to the growth of the economy in
2022 includes Agriculture at 23 percent, information and communications
technology, trade, manufacturing with the oil and gas sector contributing just
about 5. 6 percent.
The depreciation in the contribution of the oil and gas
sector to the economy according to the minister represents the government’s
resolve to diversify the economy.
As regards tax waivers, the minister of finance announced
the withdrawal of the pioneer status tax waiver for companies going forward.
She stated that a total of N6trillion had been forgone
between 2021 to date under its tax waiver scheme.
The plan according to her, will help shore up the federal
government’s revenue.
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