{"id":143981,"date":"2022-02-04T05:45:57","date_gmt":"2022-02-04T04:45:57","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=143981"},"modified":"2022-02-04T05:45:57","modified_gmt":"2022-02-04T04:45:57","slug":"nigerias-revenue-trajectory-is-positive-without-oil-akabueze","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/02\/04\/nigerias-revenue-trajectory-is-positive-without-oil-akabueze\/","title":{"rendered":"Nigeria&#8217;s revenue trajectory is positive without oil &#8211; Akabueze"},"content":{"rendered":"<p>Director General of budget office of the federation, Ben Akabueze has stated that Nigeria is deliberately diversifying in 2022, as oil revenue failed to meet its projected target in 2021.<\/p>\n<p>This was stated by Akabueze<span data-preserver-spaces=\"true\">\u00a0during a webinar organised by Nigerian Exchange Limited (NGX) on Thursday, tagged \u201c2021 Market Recap and Outlook for 2022\u2032.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said Nigeria\u2019s revenue trajectory is positive as non-oil revenue performed better than oil revenue in 2021.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to him, oil revenue was targeted at 35 percent in the 2022 budget \u2014 far from 58 percent in 2015 \u2014 to prevent reliance on the oil sector.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWhat we have seen is that when you look at the 2015 budget, for instance, oil revenue was 58% of FGN\u2019s projected <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/01\/revenue-generation-cg-customs-raises-concern-over-finance-act\/\">revenue<\/a>. If you look at the 2022 budget oil revenue is 35 percent,\u201d Akabueze said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cSo, basically, as a matter of deliberate strategy, we are focusing on non-oil revenue; and when you look at the results that we achieved in 2021, we were very encouraged that this is moving in the right direction.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIn 2021, non-oil revenue came in at 15 percent above target while VAT came in at 69% above target, customs revenue collections came in at 10 percent above target.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cFederal government\u2019s independent revenues, mostly transfers from our government-owned enterprises, came in at 18 percent above target.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWhat led us down in 2021 was the oil sector, and oil let us down fiscally for three reasons.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to him, fuel subsidy resurfaced in 2021 even though it was pronounced to be gone in the previous year.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He noted that this was largely driven by the combination of higher oil prices and a devaluation of naira as it was not feasible by the relevant authorities to continue to adjust the pump prices of petrol further.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe subsidy scheme operates as a deduction upfront withdrawals from oil and gas revenue before it even hits the federation account to be shared. We lost over N1 trillion as a matter of impact in 2021. Oil revenue came short for that reason,\u201d he said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe other reason why oil revenue came short was that production for most of 2021 came in below the 1.86 million barrels per day we had projected.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The DG said despite the significant increase in oil price above the 2021 budget benchmark, Nigeria ended up with oil revenues at 50 percent below the projected target.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cAll of that combined depressed oil revenue and that was what led us down for revenue projections in 2021,\u201d he said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">On the other hand, Akabueze said the Nigerian National Petroleum Corporation (NNPC) provided the executive with an N3 trillion bill for fuel subsidy because of the soaring oil prices.<\/span><\/p>\n<p>The federal government had proposed an 18-month extension of its implementation &#8211; retaining petrol subsidy that gulped N1.4 trillion in 2021.<\/p>\n<p><span data-preserver-spaces=\"true\">\u201cBy mid-last year, when we were working on the projections for 2022, the estimated cost, if the subsidy scheme was in place for the full year, was put at N885 billion,\u201d he said.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cAnd because we then projected that it will go off by the middle of the year, in the 2022 fiscal framework, provision was made for only N443 billion.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0\u201cWhen we ran the projections, the daily petrol consumption number that was used was N60 million. Now, NNPC has revised that to N65 million based on current circumstances.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cSecondly, we projected that crude oil prices will grow, which is why the benchmark price in 2022 was slightly higher than 2021; but we didn\u2019t see oil prices as high as they are now.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0\u201cCrude oil price is the biggest determinant of the prices of the refined crude oil; so that has gone higher than was projected.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cExchange rate also is higher. The 2021 budget was predicated on N379 to the dollar exchange rate, 2022 is N410.11.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Director General of budget office of the federation, Ben Akabueze has stated that Nigeria is deliberately diversifying in 2022, as oil revenue failed to meet its projected target in 2021. This was stated by Akabueze\u00a0during a webinar organised by Nigerian Exchange Limited (NGX) on Thursday, tagged \u201c2021 Market Recap and Outlook for 2022\u2032. He said [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":143983,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[11010,2571,25350,1193,15406],"class_list":["post-143981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-ben-akabueze","tag-fuel-subsidy","tag-nigerian-exchange-limited-ngx","tag-nnpc","tag-vat"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nigeria&#039;s revenue trajectory is positive without oil - Akabueze<\/title>\n<meta name=\"description\" content=\"Director General of budget office of the federation, Ben Akabueze has stated that Nigeria is deliberately diversifying in 2022, as oil revenue failed to meet its projected target in 2021.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/04\/nigerias-revenue-trajectory-is-positive-without-oil-akabueze\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria&#039;s revenue trajectory is positive without oil - Akabueze\" \/>\n<meta property=\"og:description\" content=\"Director General of budget office of the federation, Ben Akabueze has stated that Nigeria is deliberately diversifying in 2022, as oil revenue failed to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/04\/nigerias-revenue-trajectory-is-positive-without-oil-akabueze\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/SodiqAdewaleChocomilo?mibextid=ZbWKwL\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-04T04:45:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2022\/02\/adewale_chocomilo\/2022\/02\/04\/Ben-Akabueze.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"849\" \/>\n\t<meta property=\"og:image:height\" content=\"507\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sodiq Lawal Chocomilo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@OChocomilo\" \/>\n<meta name=\"twitter:site\" content=\"@withinnigeria\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sodiq Lawal Chocomilo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2022\\\/02\\\/04\\\/nigerias-revenue-trajectory-is-positive-without-oil-akabueze\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/2022\\\/02\\\/04\\\/nigerias-revenue-trajectory-is-positive-without-oil-akabueze\\\/\"},\"author\":{\"name\":\"Sodiq Lawal Chocomilo\",\"@id\":\"https:\\\/\\\/www.withinnigeria.com\\\/news\\\/#\\\/schema\\\/person\\\/db8593431a99b3751c40316ba4b4a452\"},\"headline\":\"Nigeria&#8217;s revenue trajectory is positive without oil &#8211; 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