31. Can you confirm with figures if we have met our cumulative revenue projections for 2011, 2012, 2013, and if we have, how and if we have not, why? Also provide backup performance information under the various revenue generating agencies窶年NPC (Oil and Gas), DPR, FIRS, Customs, Independent Revenue and other anticipated and unanticipated revenues e.g. privatization and sales of government properties etc.
The Table below shows the Performance of Revenue Agencies from 2011 to 2013. Table Showing Performance of Revenue Agencies (2011 - 2013) 2011 N'bn
2012 N'bn
Budget 6815.44 6636.52 Actual NNPC 6009.50 5674.03 Variance (805.94) (962.49) Budget Actual Variance
NCS
Budget FIRS* Actual Variance
450.00 600.58 429.13 475.15 (20.87) (125.43) 697.75 715.44 17.69
828.18 846.59 18.41
2013 (Thru Nov '13) N'bn 7734.15 5784.18 (1949.97) 914.36 433.59 (480.77) 982.04 985.52 3.48
*It was only the Companies Income Tax (CIT) collected by FIRS that surpassed the budget.
There are a number of reasons for the shortfall in collected revenues. According to the NNPC, the revenue shortfalls were the result of increased crude oil theft, and a decline in crude oil production as a result of force majeure declared at the Brass and Bonny Terminals, and an increase in pipeline vandalism. For the Nigeria Customs Service, revenue shortfalls were due mostly to a decrease in imports due to government policies, and also due to revenues forfeited from various concessions and waivers. 73