Nigeria is confident that it will beat this year’s non-oil revenue target based on collections made in the first three months of the year, the finance minister for Africa’s biggest crude producer has said.
“In 2021, our non-oil revenues outperformed our budget by an aggregate of 15%; in 2022, our first quarter shows that already, the company income tax and VAT are slightly above the projected target,” Finance Minister Zainab Ahmed said on the sidelines of the Islamic Development Bank meetings in Egypt.
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Ahmed said that the rise in non-oil revenues will help the country avoid a prediction by the International Monetary Fund that debt service would swallow all of the country’s income by 2026. “The IMF projection is predicated on the assumption that revenue levels will stay the same as they are right now up to 2026,” Ahmed said.
