Nigeria Generates 1.021 Trillion in August



In its monthly economic report, the Central Bank of Nigeria has said that the total federally-collected revenue stood at N1.021 trillion in August 2012 thus representing an increase of 26.4 per cent, compared with the monthly budget estimate of N751 billion and was 3.6 per cent above the receipts in the preceding month. This increase the apex bank said is relative to the level in the preceding month which was attributed to the rise in oil revenue during the review month. According to the  report, at N749.11 billion, gross oil receipts, which constituted 73.4 per cent of the total revenue, exceeded both the receipts in the preceding month and the monthly budget estimate by 18.4 and 35.5 per cent, respectively, this largely due to the increase in receipts from all the components. It explained: “At N271.99 billion, gross non-oil receipts, constituted 26.6 per cent of the total and was 23 and 6.8 per cent below the receipts in the preceding month and the monthly budget estimate, respectively. “The decline in non-oil revenue relative to the receipts in the preceding month reflected, largely, the decline in corporate tax, customs/excise duties and the independent revenue of the Federal Government. “On cumulative basis, total federally collected revenue for the period January to August 2012 was estimated at N7.584 trillion, reflecting an increase of 17.4 and 9.3 per cent over the budget estimate for the period and the receipts in the corresponding period of 2011, respectively. Of this amount, oil receipts represented 75.7 per cent, while non-oil receipts accounted for the balance of 24.3 per cent.” The report further says the sum of N456.68 billion was transferred to the Federation Account for distribution among the three tiers of government and the 13 per cent Derivation Fund. Also, the Federal Government received N217.77 billion, while the state and local governments received N110.46 billion and N85.16 billion, respectively. The balance of N45.29 billion went to the 13 per cent Derivation Fund for distribution by the oil-producing states. Also, during the month under review, the Federal Government received N7.76 billion from the Value Added Tax pool account, while the state and local governments received N25.88 billion and N18.11 billion, respectively. It also stated that the sum N35.54 billion was distributed as the Subsidy Reinvestment and Empowerment Programme (SURE-P) among the three tiers of government.

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Osaro Agho


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