2021-2023: NNPC, FIRS, Customs Target N43.5trn Revenue

Nigerian National Petroleum Corporation, NNPC; Federal Inland Revenue Service, FIRS, and the Nigerian Customs Service, NCS, have made projections to boost the nation’s revenue to the tune of N43.5 trillion between the year 2021 and 2023.
The three major revenue generating agencies of the nation disclosed this ain their separate presentations at an ongoing interactive session between the Senate Committee on Finance and national Planning and heads of ministries, departments and agencies of the governments on the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF/FSP.,
A breakdown of the N43.5 trillion projected revenues, shows that FIRS has planned to generate N19.1 trillion, NNPC, N19.5 trillion and NCS, N4.927 trillion each between 2021 and 2023.
However, each said that the realization of the projected revenues would be dependent on other intervening variables such as the crude price, among others.
In his presentation, the chairman of FIRS, MohmmedNami, ssid “The first assumption is that crude oil production will average 1.86 million barrels per day for 2021, 2.05 million barrels per day for 2022 and 2.38 million barrels per day for 2023. Crude oil price is projected to average $40 per barrel for three years. The exchange rate is projected at $360 to one United States dollar.
“The revenue projection for 2021 is N4.8 trillion, 2022 is N6.9 trillion and 2023 is N7.4 trillion.”
He added that the revenue projection of the agency was based on projected oil production of 1.86 million barrels per day for 2021, 2.05 million barrels per day for 2022 and 2.38 million barrels per day for 2023.
Also, the Group Managing Director of NNPC, GMD, MeleKyari, who was represented by the Chief Finance Officer, CFO of the corporation, Umar Ajiya, promised improved revenue generation into the coffers of the government in the next three years.
He said: “Our revenue projections for the three-year period of 2021-2023 are as follows: in 2021, we projected to generate N5.6 trillion; in 2022, we projected to generate a revenue of N6.575 trillion and in 2023, we expect to generate a total of N7.37 trillion.
The Comptroller-General of Customs, Col. Hameed Ali (rtd), said: “In 2021, all things being equal, we should be able to generate a total of N1.465 trillion. In 2022, we expect that we should be able to generate N1.704 trillion. Then in 2023, hopefully, we will be able to generate N1.758 trillion.
Meanwhile, Nigerian National Petroleum Corporation, NNPC, yesterday described media report that 48million barrels of crude oil was missing in the country as baseless.
Denying the report at an ongoing public hearing on the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF/FSP at the National Assembly, the Corporation challenges the Senate to carry out a forensic audit on the claim at its own cost insisting that the report is totally untrue.
Chairman of the Senate Joint Committees on Finance, and National Planning, Senator Solomon OlamilekanAdeola at the public hearing raised the issues of the alleged missing barrels of crude oil and unapproved yearly budget of the corporation.
Adeola equally demanded for proven evidence and not just verbal denial through media advertorials which the Corporation has been engaged in recently
Responding, the Group Managing Director, GMD of NNPC, MeleKyari represented by the Chief Finance Officer, CFO, Umar Ajiya, vehemently denied the report saying that there were no records of ships that sailed out of the Nigerian waters with such contrabands and clearance from the Nigerian Navy and Directorate of Petroleum and Resources, DPR.

Nneka Amaechi-Nnadi, Abuja