Top revenue generating agencies of the federal government like the Nigerian National Petroleum Corporation, NNPC; Federal Inland Revenue Service, FIRS, and the Nigerian Customs Service, NCS, have given themselves a target of N43.5 trillion revenue to be generated into the nation’s coffers in three years.
They dropped the hint on Thursday at the ongoing interactive session between the Senate joint Committees on Finance and National Planning, and heads of ministries, departments and agencies of the governments on the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF/FSP.
In their separate presentations at the session, the agencies, however, said that the realization of the projected revenues would be dependent on other intervening variables such as the crude price, among others.
A breakdown of the N43.5 trillion projected revenue, shows that FIRS has planned to generate N19.1 trillion, NNPC, N19.5 trillion and NCS, N4.927 trillion each between 2021 and 2023.
According to the chairman of FIRS, Mohmmed Nami, the revenue projection of the agency was based on projected oil production of 1.86 million barrels per day for 2021, 2.05 million barrels per day for 2022 and 2.38 million barrels per day for 2023.
He said: “The first assumption is that crude oil production will average 1.86 million barrels per day for 2021, 2.05 million barrels per day for 2022 and 2.38 million barrels per day for 2023. Crude oil price is projected to average $40 per barrel for three years. The exchange rate is projected at $360 to one United States dollar.
“The revenue projection for 2021 is N4.8 trillion, 2022 is N6.9 trillion and 2023 is N7.4 trillion.”
In his own presentation, the Comptroller-General of Customs, Col. Hameed Ali (rtd), said: “In 2021, all things being equal, we should be able to generate a total of N1.465 trillion. In 2022, we expect that we should be able to generate N1.704 trillion. Then in 2023, hopefully, we will be able to generate N1.758 trillion.”
Also, the Group Managing Director of NNPC, GMD, Mele Kyari, who was represented by the Chief Finance Officer, CFO of the corporation, Umar Ajiya, promised improved revenue generation into the coffers of the government in the next three years.
He said: “Our revenue projections for the three-year period of 2021-2023 are as follows: in 2021, we projected to generate N5.6 trillion; in 2022, we projected to generate a revenue of N6.575 trillion and in 2023, we expect to generate a total of N7.37 trillion.”
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