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Federal revenue falls by 2.4% to N2.4trillion in Q1

By on May 10, 2013

The total federally-collected revenue in the first quarter of 2013 dropped by 2.4 per cent to N2.425 trillion from the previous quarter.

This was contained in a report of the Central Bank of Nigeria on economic activities in the first quarter of the year.

According to the apex bank, oil receipts which constitute 76.3 per cent of the total revenue stood at N1.849 trillion.

This also exceeded both the budget estimate and receipts in the preceding quarter by 15.5 and per cent 1.4 per cent.

The increase in oil receipts relative to the preceding period was attributed, largely, to the rise in the receipts from crude oil and gas exports and domestic crude oil and gas sales and other oil revenue during the review period.

Non-oil receipts at N575.8 billion was below the budget estimate and receipts in the preceding quarter by 23.3 per cent and 12.8 per cent.

Federal government retained revenue was N908.1 billion while total expenditure was N1.192 trillion.

 
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