Going by the conclusion of an International Monetary Fund (IMF) team led by Amine Mati, Senior Resident Representative and Mission Chief for Nigeria, the apex bank,
Central Bank of Nigeria (CBN) may be in trouble.
The team whose report is coming on the heels of the 2020 budget proposal presentation by President Muhammadu Buhari, suggested that “over-optimistic revenue projections – leading to higher financing needs than initially envisaged – resulted to overreliance on expensive borrowing from the CBN to finance the fiscal deficit.
“The current account’s shift to a deficit is expected to persist while the pace of capital outflows continues to weigh on international reserves.”

This was further reinforced by Bloomberg’s analysis of Nigeria’s projected and actual income between 2015 to 2018. The analysis confirmed that Nigeria has been unable to meet its income target. The government was only able to collect 58% of 2019 revenue as at June. This was due to shortfalls in both oil and non-oil earnings with the government takings from crude sales 49% below target.

In 2016, Nigerian Government projected revenue to be N3.86 trillion but actual revenue was N3.19 trillion and ever since then, the margin has grown wider. 2017 projected revenue was N5.08 trillion but only generated 2.78 trillion; 2018 expected income was N7.17 trillion but actual income was N3.96 trillion.

IMF expressed concern about the current policies, but was optimistic about growth in the oil and agricultural sectors.
“The outlook under current policies remains challenging. Growth is expected to pick up to 2.3 percent this year on the strength of a continuing recovery in the oil sector and the regaining of momentum in agriculture following a good harvest.”

https://www.ripplesnigeria.com/imf-says-nigerian-govt-may-put-its-central-bank-in-trouble/

A govt led by a blind visionless man can never achieve anything ..Please quote me anywhere !!!!

So in other words, our CBN has been building castles in the air.

Imagine the government saying they will shore up taxation to drive the budget with the 7% VAT with most of it going to debt serving & zero capital project.Meanwhile minimum wage remain a meagre 37K.

The wise man who said that fools are too stupid to understand the consequences of their blunders have this clueless government in mind.

Nigeria is not Ecuador..

Make we be biko

See dunce @ helms of affair.After all the lies from the CBN of savings from TSA, saving from consolidated government revenues, Customs revenue rake-in, now it's taxation to fund budget.
Well,It's always difficult for liars to retrace their footsteps because they don't keep track of how much lies they have told.

Barrack Obama said it that "Nigeria and Indeed Africa do not need Strongmen but Strong Institutions." Another recession loading. Tufiakwa.Alu meekwa!

FarahAideed:
A govt led by a blind visionless man can never achieve anything ..Please quote me anywhere !!!!

Yes Sir!

Wiseandtrue:
That dummy in charge of CBN has no brain of his! Sanusi had suddenly lost the voice he had in Jonathan's era

Waiting for his spurious letters of staggering amount of monies missing from the CBN.Karma is a bitch.

FarahAideed:
A govt led by a blind visionless man can never achieve anything ..Please quote me anywhere !!!!

Buhari is the most visionary and most courageous leader yet. He will break the backs of stagnating forces and will drag Nigeria screaming and complaining into a glorious era.
As IMF/World Bank is hinting, the tax dodgers, lazy youths and idle urban rich will have to go through some threshing.

I know half educated opposition supporters are too dumb to see it but what international agencies are saying is TAX MORE. Indeed creative taxation.and expanding the tax net is really the way out.
By next year, even okada and keke marwa operators should have TIN no
N80Tr revenue is possible nationwide. When that happens they would be dragging corrupt politicians on the street and development would be an imperative.

Jimi24:


Buhari is the most visionary and most courageous leader yet. He will break the backs of stagnating forces and will drag Nigeria screaming and complaining into a glorious era.
As IMF/World Bank is hinting, the tax dodgers, lazy youths and idle urban rich will have to go through some threshing.

I know half educated opposition supporters are too dumb to see it but what international agencies are saying is TAX MORE. Indeed creative taxation.and expanding the tax net is really the way out.
By next year, even okada and keke marwa operators should have TIN no
N80Tr revenue is possible nationwide. When that happens they would be dragging corrupt politicians on the street and development would be an imperative.

Just imagine what 30k is making you say ? For you to think a country can tax it's citizens out of poverty says alot about the poor state of your mind ..You have never ever created wealth and that why you talk like this .

God thank you for giving us Buhari. If we refuse to learn our lessons, please bless us with Tinubu.

KEVIND:
. The government was only able to collect 58% of 2019 revenue as at June. This was due to shortfalls in both oil and non-oil earnings with the government takings from crude sales 49% below target.

https://www.ripplesnigeria.com/imf-says-nigerian-govt-may-put-its-central-bank-in-trouble/

More fake stories. Tell IMF, that they are mad. If as at June which is half year you already collect 58% of your projected revenue, does that not show that you will surpass your projection by year end? These IMF miscreants need to go back and learn simple arithmetic, 58 % + 58 % = 116%, this implies that we will be surpassing our projection. Bloody idiots circulating false news. I think DSS should go and arrest them like they did to Sowore.

FarahAideed:


Just imagine what 30k is making you say ? For you to think a country can tax it's citizens out of poverty says alot about the poor state of your mind ..You have never ever created wealth and that why you talk like this .

Wailer, continue wailing. Where is the wealth that you have created in your life? Those that have created wealth in their life are not on Nairaland defending PDP, GEJ and Obasanjo. Go and get a good job and leave this Yahoo Yahoo. Ewu Congo.

jahsharon:


Wailer, continue wailing. Where is the wealth that you have created in your life? Those that have created wealth in their life are not on Nairaland defending PDP, GEJ and Obasanjo. Go and get a good job and leave this Yahoo Yahoo. Ewu Congo.

I create wealth every minute and thats why I live better than anyone in your lineage .