Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Opinions Op-Eds

FG identifies initiatives to grow revenue

CSL Stockbrokers by CSL Stockbrokers
July 24, 2020
in Op-Eds, Spotlight
Power: Mambilla Power Project not prioritised by Ministry of Power for 2021 Budget - Finance Minister

Mrs Ahmed Zainab

Share on FacebookShare on TwitterShare on Linkedin

Yesterday, local print media sources quoted the Minister of Finance, Budget & National Planning ‘saying the Federal Government has identified initiatives it would take to generate Revenue of N13.0tn – N18.0tn in order to achieve its Revenue to GDP ratio of 15.0%. In the statement credited to her, she stated that State Governments would have a quota of N3.4tn to contribute to the target. These initiatives were identified under the Strategic Revenue Growth Initiative (SRGI) of the government which was inaugurated last year.

READ: FCMB Pensions Limited enters into an agreement to acquire 96% of AIICO Pensions Limited

Nigeria has faced significant revenue challenges in recent years. Actual Revenue has consistently underperformed budgeted revenue with average revenue performance of 63.6% between 2014 – 2019. The fiscal condition of the Federal Government has been exacerbated with the pandemic affecting both oil and non-oil revenue sources. According to the Minister of Finance, Federal government Revenue in Q1 2020 was N951.0bn against a pro-rated budget of N2.0tn within the quarter. Underperformance in revenue targets has led to sustained increase in Nigeria’s debt levels with the government increasingly relying on external and domestic borrowings to finance its fiscal deficit. The attendant impact of this has been a spike in Debt Service to Revenue ratio to 99.2% in Q1 2020 (FY 2019 – 59.4%).

RelatedPosts

The weighty impact of petroleum subsidy and refinery maintenance

VAT collections up in Q1 2022

READ MORE: FCMB Pensions Limited enters into an agreement to acquire 96% of AIICO Pensions Limited

READ MORE: We are still studying ‘Eco’ adoption by ECOWAS members- FG

While the Minister did not provide highlights of the said initiatives identified to boost and diversify revenue, we reiterate our opinion that the Federal Government has to prioritise the subject of revenue diversification. The impact of the global pandemic has further intensified the need to do so. Efforts must be deepened to broaden the tax net, opportunities in many underutilized sectors such as mining & tourism must be exploited while the Federal
Government should also focus on implementing policies and providing needed infrastructure to drive business growth, which will enhance corporate profitability and in turn tax revenue.

READ: CBN reduces MPR to 12.50%, holds other metrics


 

CSL Stockbrokers Limited, Lagos (CSLS) is a wholly owned subsidiary of FCMB Group Plc and is regulated by the Securities and Exchange Commission, Nigeria. CSLS is a member of the Nigerian Stock Exchange.

Related

Tags: CSL StockbrokersCSL Stockbrokers LimitedNigeria NewsSRGIStrategic Revenue Growth Initiative

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Nigeria’s BlackHouse Media ranked number 3 agency in Asia pacific, middle east, and Africa
    • Nigerian Exchange suspends Royal Exchange, C&I Leasing, 7 others for default in audited financial statements
    • NGX closes flat as market capitalization grows slightly by over N6 billion

    Follow us on social media:

    Recent News

    Nigeria’s BlackHouse Media ranked number 3 agency in Asia pacific, middle east, and Africa

    Nigeria’s BlackHouse Media ranked number 3 agency in Asia pacific, middle east, and Africa

    July 1, 2022
    FBN Quest, Cordros, Apel lead best performing stockbroking firms in October 2021

    Nigerian Exchange suspends Royal Exchange, C&I Leasing, 7 others for default in audited financial statements

    July 1, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com