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FG POOLS N6.5TRN IN 7 MONTHS

By NBF News
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A total of N985.8 billion was pooled in by the federal government in July, bringing the total of oil and non-oil federally collected revenue between January and July to N6.56 trillion.

According to data released by the Central Bank of Nigeria (CBN) in its Economic Report for July, the estimated gross federally-collected revenue for July increased by28.6 and 22.1 per cent above the receipts in the preceding month and the 2012 provisional monthly budget estimate, respectively.

It attributed the in increase to the rise in both oil and non-oil revenue, as gross oil receipts, which constituted 64.2 per cent of the total revenue, exceeded both the receipts in the preceding month and the provisional monthly budget estimate by 9.1 and 14.4 per cent, respectively at N632.58 billion.

Also at N353.22 billion, gross non-oil receipts constituted 35.8 per cent of the total and was 89.2 and 38.7 per cent above the receipts in the preceding month and the provisional monthly budget estimates, respectively

The CBN attributed the oil revenue increase to the increase in receipts from PPT and royalties during the review month, while the increase in corporate tax, customs and excise duties, educational tax and customs special levies had impacted the non-oil revenue

Of the gross federally-collected revenue during the month, the CBN said N456.27 billion was transferred to the Federation Account for distribution among the three tiers of government and the 13.0 per cent Derivation Fund.

A break down of the distribution shows that the Federal Government received N218.31 billion while the state and local governments received N110.73 billion and N85.37 billion, respectively. The balance of N41.86 billion went to the 13.0 per cent Derivation Fund for distribution by the oil-producing states.

Also, the Federal Government received N8.53 billion from the VAT Pool Account, while the state and local governments received N28.43 billion and N19.90 billion respectively. Furthermore, the sum of N35.55 billion was distributed as the Subsidy Reinvestment and Empowerment Programme (SURE-P) among the three tiers of government and the 13 per cent Derivation Fund with the Federal Government taking N16.29 billion, 13 per cent Derivation Fund got N4.62 billion while the state and local governments got N8.26 billion and N6.37 billion respectively.