The Federal government raised its revenue forecast in the 2022 budget proposal by 21 percent to N10.13 Trillion from the initial N8.36 Trillion. At a public presentation and breakdown of the 2022 budget proposal Friday, Zainab Ahmed, the minister of finance and national planning, identified four areas driving the government’s expectations for higher than initially planned revenues next year. These areas include-
- A projected increase in the retained revenues of Government-owned enterprises by N837.766 Billion.
- MDAs internally generated revenue of N697.6 Billion.
- The introduction of education tax of N306 billion and dividend of N8.3 Billion from the Bank of Industry (BOI).
- The Federal government’s share of oil royalty of N96.9 Billion which is expected to be transferred to the Nigeria Sovereign Investment Authority based on provision of the Petroleum Industry Act (PIA).