The cost of servicing debt surpassed the federal government’s retained revenue by N310 billion in the first four months of 2022.
The federal government said this in its 2022 fiscal performance report for four months released on Thursday.
According to the report, the federal government’s total revenue for the period was N1.63 trillion, while debt service gulped N1.94 trillion.
“As at April, N773.63 billion has been spent on capital expenditure.
“As of April 2022, FGN’s retained revenue was only N1.63 trillion, 49 percent of the prorata target of N3.32 trillion.”
The document added that the federal government’s share of oil revenues was N285.38 billion (representing 39 percent performance), while non-oil tax revenues totalled N632.56 billion — a performance of 84 percent.
Based on the figures, the government generated N401.8 billion from company income tax (CIT) and value-added tax (VAT).
“CIT and VAT collections were N298.83 billion and N102.97 billion, representing 99 percent and 98 percent of their respective targets,” the report added.
“Customs collections (made up of import duties, excise and fees, as well as federation account special levies) trailed target by N76.77 billion (25.42 percent).
“Other revenues amounted to N664.64 billion, of which independent revenue was N394.09 billion.”
The Cable