Aggressive target for non-oil revenue
​Our chart shows gross monthly collections of non-oil revenue (before distribution to the three tiers of government) through to November 2015. These total N3.15trn over 12 months, while the FGN projected N4.06trn for the calendar year and its 2016 budget proposals forecast N5.72trn. This underperformance for 2015 did not extend to November, when total monthly receipts were 17% ahead of budget and 78% above the previous month. The positive variation was achieved due to unseasonally strong flows of N163bn from companies’ income tax (CIT). Looking ahead, the FGN has aggressive projections for this year despite not planning any tax increases.
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