Zainab Ahmed, minister of finance, budget and national planning, says oil revenue shortfall and petrol subsidy deductions are challenging the full implementation of the 2022 budget. Ahmed said this on
said the country generated N799.10 billion from oil sector in the first quarter of 2022. The figure represented a 28.3 percent decline from N1.11 trillion in the fourth quarter of 2021.Presenting the 2022 budget performance on Wednesday, Ahmed said the federal government is taking measures to improve the country’s revenue.
“The finance act 2020 that pegs the revenue to expenditure ratio of the government own enterprises at 50:50 has helped us greatly in ramping up revenues from the government-owned enterprises and the fact can be seen in the performance of the GOEs revenue of 1.3 trillion as of 2021. Fielding questions from the lawmakers on what the federal government is doing to address inflation in the country, Ahmed said President Muhammadu Buhari has authorised the national food security council to meet and generate solutions to address the high cost of food prices.“In Nigeria, we also have inflation and one of the buckets of inflation is food inflation. This can be seen in the high cost of energy and diesel,” Ahmed said.
“From the monetary side, what the CBN is doing is continuing to manage inflation by monetary tightening and by mopping up liquidity.“On the side of the government, the president has authorised the national food security council and we have held meetings — even yesterday — on how some support will be provided.