(Ecofin Agency) - The Federal Government of Nigeria plans to increase the collection of revenues from taxes and customs duties to finance the record $22.99 billion 2017 budget, according to Udoma Udo Udoma (photo), the Minister of Budget and National Planning.

He said the government is intensifying efforts to find the necessary resources to implement its spending plan for this year which was signed into law a week ago. This aims to increase capital spending to encourage growth.

“We are challenging our revenue generating agencies, particularly the Federal Inland Revenue Service (FIRS) and customs, to improve their efficiencies and broaden their reach so as to achieve the targets set for them in the 2017 Budget.”

The government is also working to engage with communities in the Niger Delta region, so as to ensure that oil production disruption caused by last year’s attack does not reoccur, Udoma added.

Nigeria, Africa's second largest economy, has been in recession since last year. This was largely driven by low oil prices from which it gets two-third of its revenue and militant attacks on oil facilities in the Niger Delta.

Anita Fatunji