FRC generates N725 billion in H1 2022

The Federal Government of Nigeria received a total of N725 billion in revenue in the first half of 2022, according to the Fiscal Responsibility Commission (FRC) of Nigeria.

At the technical assistance to sub-nationals/workshop on preserving the benefits of fiscal transparency and accountability across states on Monday in Lagos, the Commission’s Chairman, Chief Victor Muruako, revealed this.

In fulfilling its duty, the FRC, according to Muruako, increased the Federal Government’s independent revenue.

“I can tell you that by 2020, the independent revenue of the Federal Government for that financial year was about N525 billion; FRC has been instrumental, working with other agencies and the National Assembly, to achieve an increase in the independent revenue of the Federal Government,” he said.

The Fiscal Responsibility Act of 2007 required government agencies to send 80% of such revenues to the Consolidated Revenue Fund account, which is how the FRC accomplished this. The Commission generated the revenues through interest on capital, dividends, and rental incomes.

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“For the first time in the history of the country, its independent revenue exceeded the N1 trillion mark in 2021. This year, the Federal Government has already achieved N725 billion, from independent revenue, that is, half of the year, and we expect that the target for this year will still be achieved because most of the independent revenues usually come in between the third and fourth quarter,” Muruako explained.

The FRC advised governments to investigate further opportunities for increasing their revenue base, noting that some revenue streams have been underutilized. Additionally, he pointed out that states must increase their revenue generation because the federal government cannot borrow money at a time when the population is growing.