The Federal Government has set an aggressive revenue target of 7.9 trillion naira for the year 2021.
It is expected that 30 percent of the total revenue from the oil sector and 70 percent from the non-oil sectors.
Finance Minister, Zainab Ahmed, stated this on Tuesday during a virtual budget breakdown.
She noted that the 7.9 trillion naira revenue target is 30 percent higher than the amount projected for the 2020 budget.
A total of 1.8 trillion naira has been spent for the execution of capital projects in the 2020 fiscal period and the figure represents about 89 per cent of the provision made for capital projects for the year.
According to her, out of the 1.8 trillion naira spent on capital projects, the sum of 118 billion naira was released for COVID-19 related capital expenditure.
The Minister added that the Federal Government had projected the sum of 9.9 trillion expenditure for 2020, and spent about N10.08trn representing 101 percent performance.
While debt servicing for the year 2020 stood at 3.2 trillion naira , the sum of 3.trillion was released for payment of salaries and pensions.