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FG generates N675bn revenue

By on April 16, 2014

The federal government generated a total of N674.7 billion revenue in January 2014, a report has shown.

The Central Bank of Nigeria’s (CBN’s) economic report for January which disclosed this showed that the amount was below the receipts in the preceding month and the corresponding period of 2013 by six per cent and 12.8 per cent, respectively.

The decline relative to receipts in the corresponding period of 2013 was attributed to the decline in gross oil revenue during the review period
At N474.40 billion, oil receipts (gross), which constituted 70.3 per cent of the total revenue, was lower than the receipts in the preceding month and the corresponding period of 2013, by 3.3 and 19.8 per cent.

In addition, non-oil receipts (gross), at N200.27 billion or 29.7 per cent of the total, was 11.7 per cent lower than the receipts in the preceding month.

Relative to the corresponding month of 2013, the report showed that non-oil receipts, however, rose by 10.1 per cent.

“The decline in non-oil revenue relative to the preceding month reflected, largely, the lower receipts from corporate tax and VAT during the review month.

“Of the federally-collected revenue (gross), the sum of N468.28 billion (after all deductions and transfers) was transferred to the federation account for distribution among the three tiers of government and the 13 per cent derivation fund,” it added.

Furthermore, the report showed that the federal government received N221.16 billion, while states and local governments received N112.18 billion and N86.48 billion respectively.

The balance of N48.46 billion was credited to the 13 per cent derivation fund for sharing by the oil-producing states.

“From the VAT pool account, the federal government received N9.32 billion, while states and local governments received N31.07 billion and N21.75 billion, respectively.

“Overall, the total allocation to the three tiers of government from the federation and VAT pool accounts in the month amounted to N573.58 billion,” it stated.

Continuing, the report showed that at N1.588 trillion, currency-in-circulation fell by 10.6 per cent in the review month, in contrast to the increase of 13.1 per cent at the end of the preceding month. The development reflected the 7.9 and 2.6 per cent decline in its currency outside banks and demand deposit components, respectively.

Total deposits at the CBN amounted to N6.881 trillion indicating a decline of 2.1 per cent below the level at the end of the preceding month.
The development reflected, largely, the fall in federal government deposit and deposit by ‘others’ which more than offset the increase in DMBs deposit.

“Of the total deposits, the percentage shares of the federal government, banks and ‘others’ were 38.9 per cent, 55.5 per cent and 5.6 per cent, respectively,” it added.

 

 

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