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FG’s revenue hits N711billion in January

By BusinessNews Staff on March 26, 2015

Nigeria’s estimated federally collected revenue stood at N710.78 billion as at January 2015, the Central Bank of Nigeria (CBN) has revealed.

According to the central bank’s economic report for January 2015 obtained from its website, the amount generated by the federal government was above the receipts in the preceding month as well as the the corresponding period of 2014, by 4.6 and 4.3 per cent, respectively.

The increase relative to receipts in the preceding month was due to the respective increase of 3.9 and 6.2 per cent in gross oil and non-oil revenue during the review period.

“At N486.44 billion, oil receipts (gross), which constituted 68.4 per cent of total federally collected revenue, were higher than the receipts in the preceding month and the corresponding period of 2014, by 3.9 and 0.9 per cent, respectively.

“The rise in oil receipts relative to receipts in the preceding month was attributed to the increase in receipts from crude oil and gas exports as well as domestic crude oil/gas sales. 0 Non-oil receipts (gross), at N224.34 billion or 31.6 per cent of the total was 6.2 and 12.3 per cent higher than the receipts in the preceding month and the corresponding month of 2014, respectively.

“The increase in non-oil revenue relative to the preceding month reflected the rise in receipts from Value Added Tax (VAT), customs and excise duties and independent revenue of the Federal Government during the review month of the federally-collected revenue (gross), the sum of N465.76 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,” the CBN explained.

A breakdown of the amount received by the three tiers of government showed
that the federal government received N220.44 billion, while the state and local governments received N111.81 billion and N86.20 billion, respectively.
Also, it stated that the balance of N47.31 billion was circulated among the oil-producing states as 13 per cent derivation fund. From the VAT Pool Account, the federal government received N10.58 billion, while the state and local governments received N35.26 billion and N24.68 billion, respectively.

It further stated: “In addition, the sum of N15.63 billion and N10.55 billion were shared as excess crude and exchange rate gain among the three tiers of government and 13 per cent derivation fund as follows: federal government ( N7.16 billion and N4.84 billion); state governments (N3.63 billion and N2.45 billion); and local governments (N2.80 billion and N1.89 billion).”

The report also showed that there was a net outflow of $1.04 billion from the system even as foreign exchange sales by the CBN to the authorised dealers amounted to $3.23 billion, showing a decline of 5.7 per cent below the level in the preceding month.

Commenting on the agricultural sector, it stated that during the month under review, the dominant agricultural activities were harvesting of tree crops and fruits and clearing of land for the 2015 cropping season.

The report also noted that vast areas of land in the north-eastern part of the country remained largely under-cultivated due to the effect of the insecurity in the area. Off-season farming and fishing activities were also low.

[ThisDay]

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