News Column

FG Earnings At N2.41 Trillion, Records 9.5 Percent Q1

June 9, 2014

Kingsley Ighomwenghian

The Central Bank of Nigeria (CBN), on Monday estimated that federally-collected revenue at N2.414 trillion between January and March, representing a rise of 9.5 per cent above the receipt in the fourth quarter of 2013.

The amount however represented a 1.7 per cent decline from the level in the corresponding quarter of 2013, just as oil revenue accounted for N1.808 billion, or 74.9 per cent of the total.

According to the CBN's Economic Report for the period, the figure "exceeded the receipt in the fourth quarter of 2013 by 17.6 per cent, but was 6.5 per cent below the proportionate budget estimate. The increase in oil receipts relative to the fourth quarter of 2013 was attributed, largely, to the rise in the receipts from crude oil/gas exports and other oil revenue during the review period."

At N605.62 billion, non-oil receipts, however fell below the budget estimate and receipts in the fourth quarter of 2013 by 32.8 and 9.1 per cent, respectively.

While the Federal Government retained N823.9 billion in revenue, its total expenditure was N1.462 billion, resulting in an estimated deficit of N638.4 billion during the period, much more than the quarterly budgeted and the preceding quarter's deficit of N221.8 billion and N628.0 billion, respectively.

Meanwhile, the data put foreign exchange inflow at $10.09 billion, as against an outflow through the CBN of $15.67 billion, resulting in a net outflow of $5.58 billion during the review quarter.

Foreign exchange sales by the CBN to the authorized dealers amounted to US$14.77 billion, compared with US$9.10 billion in the fourth quarter of 2013. The average exchange rate of the Naira vis-À-vis the US dollar at the rDAS window was N157.30 per US dollar, indicating marginal appreciation over its levels in the fourth and the corresponding quarters of 2013, respectively.

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Source: AllAfrica

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