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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