The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Wednesday declared that the country’s independent revenue crossed the N1trillion mark in 2021.
She made known during the public presentation of the 2022 Appropriation Act.
Independent revenues are generated by the Federal Government from agencies captured under the Fiscal Responsibility Act.
They include the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), the Securities and Exchange Commission (SEC), the Nigerian Television Authority (NTA), among others.
It was learnt that these agencies remitted 80 per cent of their operating surplus to the Consolidated Revenue Fund Account.
Last year, Government Owned Enterprises (GEOs) reportedly returned N1.2trillion to the account while other revenues in the same year amounted to N2.80trillion.
Ahmed therefore noted that the revenue sector performed better than expected.
She added that the government “is targeting N10.7trillion in 2022, inclusive of revenue from Government Owned Enterprises (GOEs).”
