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FG revenues hit N1tn in July - CBN

By The Citizen


The Central Bank of Nigeria (CBN) on Thursday said that Nigeria realised a total of N1.05tn in federally collected revenue in July.

According to the monthly report of the apex bank posted on its website, the amount represents an increase of 33.7 per cent over the amount realised in June.

Oil receipts, which constituted 61.5 per cent of the total revenue, were summed up to N645.65bn, while non-oil receipts amounted to N404.53bn.

However, the Federal Government's estimated retained revenue was N365.72bn, while total estimated expenditure was N431.09bn.

Consequently, the fiscal operations of the Federal Government resulted in an estimated deficit of N65.37bn, compared with the provisional monthly budget deficit of N73.92bn, the report stated.

The report read in part, 'Total federally-collected revenue in July 2013 was estimated at N1.05tn. This exceeded the provisional monthly budget estimate and the receipt in the preceding month by 11.1 and 33.7 per cent, respectively. At N645.65bn, oil receipts (gross), which constituted 61.5 per cent of the total revenue, was above the provisional monthly budget estimate and the level in the preceding month by 0.2 and 15.4 per cent, respectively.

'The rise in oil receipts, relative to the budget estimate, was attributed, largely, to the increase in receipts from the Petroleum Profit Tax, royalties, and domestic crude oil and gas sales in the review period.

'Non-oil receipts (gross), at N404.53bn (38.5 per cent of the total), was higher than both the provisional monthly budget estimate and the level in the preceding month by 34.6 and 79.1 per cent, respectively. The rise in receipts relative to the monthly budget estimate reflected, largely, the increased receipts from corporate tax, customs and excise duties and customs special levies.

'The Federal Government's estimated retained revenue was N365.72bn, while the total estimated expenditure was N431.09bn. Thus, the fiscal operations of the Federal Government resulted in an estimated deficit of N65.37bn, compared with the provisional monthly budget deficit of N73.92bn.'

According to the central bank, crude oil production was estimated at 1.85 million barrels per day or 57.35 million barrels during the month.

This contrasts with the average daily crude production of 2.4 million bpd that was previously attained before large scale theft, pipeline vandalism and production shut-ins took its toll on the country's mainstay.

The CBN said the end-period inflation rate for July, on a year-on-year basis, was 8.7 per cent, 0.3 percentage point above the level in the preceding month.

The inflation rate on a 12-month moving average basis was 10.0 per cent, compared with the preceding month's level of 10.4 per cent.

The report further said that foreign exchange inflow and outflow through the CBN in July 2013 were $5.78bn and $4.89bn, respectively, and resulted in a net inflow of $0.89bn.

Foreign exchange sales by the CBN to authorised dealers amounted to $3.99bn in the month under review, indicating a decline of 22.1 per cent below the level in the preceding month.

The report added, 'Non-oil export receipts increased by 281.9 per cent above the level in the preceding month. This was attributed largely to the rise in receipts from the industrial, manufactured and agricultural products sectors.

'The world crude oil output in July 2013 was estimated at an average of 89.95 million barrels per day, while demand was estimated at 89.64 million barrels per day, compared with 89.61 and 88.91 supplied and demanded, respectively, in the preceding month. The rise in demand was attributed to the need for the replenishment of industrial stock following successful repairs of OECD refineries.'