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FG receives N2trn in first half 2019 – DG Budget

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The federal government has received two billion naira as revenue from January to June 2019, said Budget Office general manager Ben Akabueze.

Akabueze revealed it to the Public Consultative Forum on the medium-term spending framework from 2020 to 2022 and to the fiscal strategy document (MTEF / FSP) in Abuja on Tuesday.

He explained that in the reporting period the federal government spent around N3.3 billion.

The CEO said that on average there were 1.6 million barrels of crude oil production based on production.

He revealed that in 2018, a total of four billion in Naira revenues were collected with an expenditure of N7.4 billion, including a capital budget of N1.7 billion in the period.

He expressed the hope that half of the remaining year would be better in terms of income yield.

Akabueze revealed that from the data received from the National Petroleum Corporation of Nigeria (NNPC), the country’s oil production had increased to 2.1 million barrels a day.

In addition, in the forum, the executive president of the Federal Revenue Service (FIRS), Mr. Babatunde Fowler, urged taxpayers in the country to check their taxes to make sure they were referred to the competent authority.

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“It is now a responsibility of everybody, especially taxpayers, to monitor to ensure transparency and accountability, if you have your tax deducted, then ask for the receipt.

“Make sure you check within 41 days of when the money was remitted to the federation account.

“This is important because during the tax amnesty close to 40 per cent has to do with withholding of tax, deducted but not remitted,’’ Fowler said.

He added that the service had put in place measures to ensure that only those companies that paid tax would access government’s contracts and services.

Fowler said necessary facilities would be deployed to the Office of the Accountant-General, the Central Bank of Nigeria (CBN) governor and other government agencies to ensure compliance. (NAN)