The total amount of revenue generated by the federal government declined by 14.7 per cent to N805.91 billion in April, a report has shown.
The amount, according to the report was below the provisional monthly budget estimate, but exceeded the receipt in the preceding month by two per cent.
The Central Bank of Nigeria (CBN), disclosed this in its monthly economic report for April obtained on its website.
But compared to the level in the corresponding period of 2012, the gross federally collected revenue fell by 10.7 per cent. The decline relative to provisional monthly budget estimate was attributed to the drop in non-oil revenue during the review period.
According to the report, at N620.97 billion, oil receipts (gross), which constituted 77.1 per cent of the total revenue was below the provisional monthly budget estimate by 3.7 per cent, but exceeded the level in the preceding month by 4.3 per cent.
It added: “The fall in oil receipts relative to the monthly budget estimate was attributed to the decrease in receipts from crude oil and gas exports during the review period. Non-oil receipts (gross), at N184.94 billion or 22.9 per cent of the total was lower than both the monthly budget estimate and the level in the preceding month by 38.5 and five per cent, respectively.
“The decline relative to the monthly budget estimate reflected, largely, the low receipts from Corporate Tax, Customs and Excise Duties and Independent Revenue of the federal government.
“Of the federally-collected revenue (gross), the sum of N496.41 billion (after accounting for 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.”
Furthermore, it showed that the federal government received N232.53 billion in the month under review as allocation, while the states and local governments received N117.94 billion and N90.93 billion, respectively.
The balance of N55.01 billion was credited to the 13 per cent derivation fund for sharing by the oil-producing states.
According to the report, banking system’s credit (net) to the federal government, on month-on-month basis, rose by 210.9 per cent to N477.1 billion, compared with the growth of 261.5 per cent at the end of the preceding month.
The development relative to the preceding month was attributed to the increase in the banking system’s holding of government securities.
“Over the level at end-December 2012, banking system credit (net) to federal government rose by 135.3 per cent. Banking system’s credit to the private sector, on month-on- month basis grew by one per cent to N15.408 trillion, compared with the respective increase of 1.2 and 0.5 per cent at the end of the preceding month and the corresponding period of 2012, respectively,” it added.
Source: Thisdaylive
