• Thursday, February 29, 2024
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Customs, NPA, NCC to generate highest revenue in 2024

Customs, NPA, NCC to generate highest revenue in 2024

The Nigerian Port Authority (NPA) tops the list of government-owned enterprises (GOEs) expected to remit the highest revenue to the federal government in 2024.

A breakdown of the 2024 proposed budget of the GOEs showed that the NPA, Nigerian Customs Service, and Nigerian Communication Commission (NCC) were expected to remit N538.46bn, N459.39bn, and N451.17bn respectively.

Others include the Nigeria Civil Aviation Authority (N372.23 billion), Federal Inland Revenue Service (N356.95 billion), Federal Airport Authority of Nigeria (N285.20 billion), Nigerian Maritime Administrative and Safety Agency (N264.95 billion), Nigerian Deposits Insurance Corporation (N260.60 billion), Nigerian Upstream Petroleum Regulatory Commission (N232.38 billion) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (N212.28 billion).

According to the latest publication by BudgIT, the 63 GOEs are expected to generate a cumulative revenue of N4.93 trillion and spend N3.77 trillion in 2024.

Of the total revenue projected, 70.53 percent would be retained by the GOEs, while 29.47 percent would be transferred to the Consolidated Revenue Fund (CRF) of the Federal Government.

However, the projected expenditures of some enterprises are higher than the revenue expected from them. For example, the National Space Research and Development Agency is expected to spend N24.70 billion while its expected revenue is N154 million.

For the Nigerian Bulk Electricity Trading, the projected expenditure is N454.81 billion with expected revenue at N13. 34bn, the expected expenditure for Nigerian Film Corporation, is N1.16 billion while its expected revenue is N69.15 million.

The revenue target of the Nigerian Film and Video Censors Board is N115.50 million while its expenditure for the year is N1.58 billion. For the Nigerian Nuclear Regulatory Authority, expenditure is N26.85 billion and expected revenue is N3.05 billion respectively.