The Federal Government has announced an unprecedented growth in revenue generation, with a total of N381 billion remitted to the Consolidated Revenue Fund (CRF) from revenue generated.
According to a statement from the Ministry of Finance, the revenue growth is a result of the government’s efforts to diversify its revenue streams and improve tax collection.
“We recorded an unprecedented growth in revenue generation and remittances to the Consolidated Revenue Fund (CRF) from revenue of N381 billion,” the statement said.
The statement attributed the growth to the implementation of various revenue-generating initiatives, including the Voluntary Assets and Income Declaration Scheme (VAIDS) and the Treasury Single Account (TSA) policy.
The Minister of Finance, Zainab Ahmed, said the government is committed to sustaining the growth in revenue generation and remittances to the CRF.
“We are pleased with the growth in revenue generation and remittances to the CRF, and we are committed to sustaining this growth through the implementation of various revenue-generating initiatives,” Ahmed said.
The revenue growth is expected to have a positive impact on the government’s ability to fund its budget and implement its development projects.
Industry analysts have commended the government’s efforts to improve revenue generation and remittances to the CRF.
“This is a positive development for the government and the economy as a whole,” said Mr. Taiwo Oyedele, a tax expert. “The growth in revenue generation and remittances to the CRF will enable the government to fund its budget and implement its development projects.
