Tag economic recession fgs non oil revenue shrinks by n134bn

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FGS Non-Oil Revenue Shrinks by N134bn Amid Economic Recession

The Federal Government of Nigeria has announced a significant decline in its non-oil revenue, which has shrunk by N134 billion in the midst of the ongoing economic recession.

According to a statement released by the Ministry of Finance, Budget and National Planning, the non-oil revenue, which is a critical component of the country's revenue, has been severely impacted by the economic downturn.

The ministry attributed the decline to a combination of factors, including the decline in economic activities, reduced government spending, and the impact of the COVID-19 pandemic on global trade.

The non-oil revenue, which includes revenue from taxes, customs duties, and other sources, has been a key driver of the country's economic growth in recent years. However, the latest figures suggest that the revenue has been severely impacted by the economic recession, which has been exacerbated by the COVID-19 pandemic.

The ministry has warned that the decline in non-oil revenue could have serious implications for the country's ability to fund its budget and meet its development goals.

"We are concerned about the impact of the decline in non-oil revenue on our ability to fund our budget and meet our development goals," said the Minister of Finance, Budget and National Planning. "We are working closely with other government agencies and stakeholders to identify ways to mitigate the impact of the decline and ensure that we can continue to fund our budget and meet our development goals."

The ministry has also announced plans to implement measures to boost non-oil revenue, including increasing tax collection, improving customs revenue, and promoting non-oil exports.

The decline in non-oil revenue is the latest challenge facing the Nigerian economy, which has been struggling to recover from the impact of the COVID-19 pandemic. The country's economy has been in recession since 2020, and the government has been implementing various measures to stimulate economic growth and recovery.

Source: Ministry of Finance, Budget and National Planning