The Central Bank of
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
Foreign exchange sales by the CBN to the authorized dealers amounted to
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