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Full implementation of 2022 budget challenged by oil revenues-Finance Minister

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Nigerian Finance Minister Zainab Ahmed said the performance of the 2022 budget was challenged by falling oil revenues, which caused it to trail at a performance rate of 27.1% in August 2022 .

In a budget defense meeting with the House Finance Committee, lawmakers questioned the justification for low revenue collection from the Nigerian Customs Service, unresolved congestion at ports and the reasons for the rise in inflation.

Nigeria’s economy has been on a downward trend, with citizens crying foul at the country’s deteriorating financial strength.

In her overview of the first eight months of 2022, the minister said the government’s withheld revenue was N4.23 trillion, or 64% of the prorated target of N6.65 trillion.

Crude oil production challenges and deductions of PMS subsidies by NNPC also pose a significant threat to achieving revenue growth targets.

The Minister of State for Finance, Clem Agba, also gave a breakdown of the current budget.

As legislative work begins on the 2023 Appropriation Bill, lawmakers say they are determined to close any loopholes that are draining the nation’s resources.

Questions about congestion at ports and other miscellaneous issues came from lawmakers before the meeting went behind closed doors.

The finance minister said bold, decisive and urgent action is needed to address underperforming incomes.

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