Edun: Fed Govt Raked In N13tr from Non-Oil Sector Last Year

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The Federal Government plans to surpass the N13 trillion it raked in last year from non-oil remittances by its agencies, Minister of Finance and Coordinating Minister for the Economy, Wale Edun, said yesterday.

Edun, who dropped the hint when he appeared before the Senate Committee on Finance, said that N100 billion had been remitted in January as against the N20 billion that was remitted into the Consolidated Revenue Fund of the Federal Government for the same period in 2023.

The Committee, chaired by Senator Sani Musa (APC, Niger East), is investigating the “Remittance of Internally Generated Revenue (IGR) by Ministries, Departments and Agencies (MDAs) and Evidence of Payment of one per cent Stamp Duty into the Consolidated Revenue Fund Account from 2020 to 2023.”

According to Edun, while the remitted revenue from June to December last year stood at N3.6 trillion, the collection for last year stood at N13 trillion.

Relying on the policies initiated by President Bola Ahmed Tinubu, the minister said: “What we can see is a substantial increase in remittances by MDAs and revenue generation agencies.

“We will keep this up and there will be a time we can give further data on this to the committee and the National Assembly.”

Edun, also spoke on the government’s one per cent Stamp Duty collection, saying that a total of N53 billion remitted in 2023 or an average of N3.7 billion every month.

The minister explained that the final tally exceeded the N44 billion target set by the National Assembly.

“This, I will say was a positive development. N44 billion was approved by the National Assembly, and the actual collection was N53 billion”, he told lawmakers.

Speaking briefly on capital and recurrent budget performance for 2023 and the first quarter of this year, Edun informed the lawmakers that N2.9 trillion was the capital spending in 2023.

For 2024, he disclosed that first quarter capital releases so far stood at N124 billion, while N581 billion had been spent on salaries and other recurrent expenditure, aside from the N71 billion released for overhead costs.

When asked about the N3.7 trillion the government allegedly lost to import duty waivers in 2023, the minister, who corroborated the records of the Nigeria Customs Service (NCS), said the Tinubu administration had introduced a new duty waiver policy to prevent leakages or losses.

Edun said: “This time around, all import duties would first be paid in full, while waivers would later be deducted and paid back to the affected importers.”

On the steps being taken to revamp the economy, Edun explained that the government has done a lot, including initiatives at stabilizing the naira against the dollar and the implementation of a more transparent social welfare scheme for the weak and vulnerable.

He said one of the major errors of the past, which brought the economy to its knees, was the free printing of the naira for eight years up to N22.7 trillion by the

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