President Muhammadu Buhari, according to the Minister of Finance, Zainab Ahmed, has successfully turned Nigeria’s revenue around by diversifying the country’s economy.
Breaking down the 2023 budget that was signed by President Muhammadu Buhari on Tuesday, January 3, 2023, Ahmed said it was under Buhari’s administration that Nigeria no longer depend on oil revenue.
Explaining her assertion, the finance minister recalled that in 2016, oil revenue accounted for 70% of Nigeria’s total earnings, while non-oil revenue was 30%.
According to Ahmed, both revenue streams have switched sides, as she revealed that this year would see the Federal Government (FG) earn 78% of its revenue from non-oil sources, while the remaining 22% would be from oil.
“The N10.49 trillion budget includes gross revenues of 63 government-owned enterprises totaling 3.87 trillion. Of this, the FG’s oil revenue share is projected to be 2.29 trillion, non-oil taxes are 2.43 trillion and federal government independent revenues at 2.64 trillion other revenues totaling 762 billion are also projected in the 2023 revenues of 10.49 trillion.
“So, in aggregate 22% of the projected revenues are expected from oil related sources while 78% is to be earned from the non-oil resources.
“If you recall, I remember the first budget that we passed that’s 2016 budget, the oil revenue (was) 70%, (non-oil) 30%. So we are very happy though is able to turn things around and turn the story to the opposite direction that today only 22% of government revenue is contributed by the oil sector,” she explained.
