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AT A GLANCE: 48 agencies, government-owned enterprises target N2.9trn IGR in 2024

Multinational firms leaving Nigeria due to naira fluctuations, say pharmaceutical manufacturers Multinational firms leaving Nigeria due to naira fluctuations, say pharmaceutical manufacturers

A total of 48 government-owned enterprises (GOEs) have projected to rake in the sum of N2.9 trillion (collectively) as internally generated revenue in the 2024 fiscal year.

The GOEs are entities set up and controlled by the government to partake in commercial practices. In Nigeria, they are also called “Super Agencies” because of the enormous financial resources at their disposal.

The agencies’ revenue projection is detailed in a budget proposal to the federal government published by the ministry of budget and national planning.

On December 30, 2023, the national assembly had passed the 2024 appropriation bill, raising the budget size from N27.5 trillion proposed by President Bola Tinubu to N28.7 trillion — an increase of N1.2 trillion.

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Amid concerns over the actions of the national assembly, Abubakar Bichi, chairman of the committee on appropriations in the house of representative, said the rationale behind jerking up the budget was due to the pledges made by revenue-generating agencies to increase their revenue in 2024 to support the budget.

By implication, upon the approval of the budget, the 48 agencies (drawn from a list of 63 encompassing oil and gas, education, and agriculture) will be tasked with enhancing their revenue-generating capabilities throughout the year.

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Out of the 48 GOEs, according to the proposed budget, the Nigeria Port Authority (NPA) has the highest IGR projection with N373.52 billion, followed by the Federal Airport Authority of Nigeria (FAAN) and Nigerian Communication Commission (NCC) with N285.20 billion and N265.55 billion respectively.

In a circular on January 3, 2024, the federal government had directed the agencies to remit 50 percent of their total revenue.

Previously, “Super Agencies” — categorised as self-funded, partially funded, and fully funded — were allowed to claim up to 50 percent of their revenue as expenditure and keep 20 percent of the balance as “operating surplus” — the excess of revenue over expenditure.

Below are the proposed IGR estimates of the 48 GOEs for 2024.

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S/N AGENCIES PROPOSED IGR
1 Nigerian Port Authority N373.52bn
2 Federal Airport Authority of Nigeria N285.20bn
3 Nigerian Communication Commission N265.55bn
4 Nigerian Maritime Administration & Safety Agency N264.95bn
5 Nigeria Deposit Insurance Corporation N260.59bn
6 Nigerian Midstream and Downstream Petroleum Regulatory Authority N212.28bn
7 Nigeria Civil Aviation Authority N178.70bn
8 Nigerian Content Development & Monitoring Board N114bn
9 Nigeria Social Insurance Trust Fund N85.50bn
10 Federal Mortgage Bank of Nigeria N73.24bn
11 Standards Organization of Nigeria N72.87bn
12 Nigerian Shippers’ Council N71.88bn
13 National Automotive Design and Development Council N67.38bn
14 Nigerian Airspace Management Agency N65.34bn
15 Raw Materials Research and Development Council N48.55bn
16 National Health Insurance Scheme N38.33bn
17 National Pension Commission N32.72bn
18 National Information Technology Development Agency N31.97bn
19 Nigerian Electricity Regulatory Commission N29.91bn
20 Industrial Training Fund N28.98bn
21 Nigerian Export Promotion Council N28.89bn
22 Corporate Affairs Commission N28.52bn
23 Federal Competition and Consumer Protection Commission N26.35bn
24 N ational Inland Waterways Authority N26.31bn
25 National Sugar Development Council N20.94bn
26 National Insurance Commission N19.72bn
27 Securities and Exchange Commission N18.19bn
28 Nigerian Bulk Electricity Trading N13.37bn
29 Nigeria Meteorological Agency N11.31bn
30 Nigerian Postal Service N10.83bn
31 Nigerian Railway Corporation N10.02bn
32 Financial Reporting Council of Nigeria N9.55bn
33 Joint Admission and Matriculation Board N8.89bn
34 Nigerian Agricultural Insurance Corporation N8.62bn
35 Nigeria Export Processing Zones Authority N8.04bn
36 Oil and Gas Free Zone Authority N7.67bn
37 National Broadcasting Commission N7.18bn
38 Nigeria Immigration Service N7.03bn
40 Federal Housing Authority N7.02bn
41 National Examination Council N6.24bn
42 National Agency for Food & Drug Administration & Control N5.13bn
43 Nigerian Upstream Petroleum Regulatory Commission N5.12bn
44 Nigerian Television Authority N4.03bn
45 National Business and Technical Examination Board N3.02bn
46 Council for the Regulation of Freight Forwarding in Nigeria N2.94bn
47 Administrative Staff College of Nigeria N900m
48 Nigerian Copyright Commission N57.36m
49 National Office for Technology Acquisition and Promotion N30.09m

 

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