Business

COVID-19: Federal Government records N1.01trillion revenue shortfall

Minister of Finance, Zainab Ahmed

The Federal Government has recorded about N1.01trillion revenue shortfall due to the negative impact of the Corona Virus pandemic, a decline of about 52%.

The COVID-10 pandemic has so far led to an unprecedented drop in global crude oil prices.

Out of the project revenue of N1.96trillion for the first 3months in 2020, the FG only earn N950.55billion.

The COVID-19 pandemic resulted in a shortfall of N195.37billion from the revenue target of N659.4billion.

Revenue shortfall was also experienced in Companies Income Tax where revenue dropped by N80.1billion from the targeted N209.83billion to N129.72billion. Value Added Tax also dropped by N30.92billion from N73.14billion to N42.23billion.

The COVID-19 pandemic has been a devasting experience for the world and particularly for Nigeria, a country previously struggling with scarce resources.  

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