The Federal Government recorded a revenue shortfall of N1.93tn in a period of 11 months, according to data from the Budget Office.
The Budget Office, in a document containing an overview of the 2021 budget implementation, said the Federal Government’s aggregate revenue projection in the 2021 Appropriation Act and Supplementary Budget was N8.13tn.
It said N7.4tn was the prorated budget for January-November 2021 but the government generated only N5.51tn in the period, resulting in a shortfall of N1.93tn.
The government has a track record of failing to achieve its revenue projections as it grapples with revenue challenges.
The Minister of Finance, Budget, and National Planning, Zainab Ahmed, had on several occasions said the government had a revenue problem that it was working to resolve.
While presenting the details of the 2022 budget in Abuja last week, she said, “Nigeria’s debt service to revenue ratio, which was 76 per cent as of November 2021, is the highest among African top economies. This is proof that what we have is not a classic debt sustainability problem, but a revenue challenge.