CBN: Federally-collected Revenue Drops 20% in April


By Emele Onu, 07.21.2010 


Nigeria’s total federally-collected revenue dropped by 19.9 per in April, 2010 against the monthly budget estimate for the year, the Central Bank of Nigeria (CBN) said in its Economic Report for April, 2010 released yesterday.“The country generated an estimated N537.74 billion, representing a shortfall of 19.9 per cent from the proportionate monthly budget estimate,” CBN said.


The report however, indicated an increase of 12.3 per cent in the federally-collected revenue for the month over the receipts in the preceding month. Oil receipts was N396.89 billion,  which constituted 73.8 per cent of the total, but was short of the proportionate monthly budget estimate by 18.6 per cent. It rose by 11.4 per cent over the receipts in the preceding month.The underperformance in oil receipts relative to the proportionate monthly budget estimate resulted from the fall in petroleum profit tax, royalties, crude oil, and gas export receipts during the month, the Report indicated. 


Non-oil receipts at N140.85 billion or 26.2 per cent of the total was 23.2 per cent lower than the proportionate budget estimate, but higher than the receipts in the preceding month and the level in the corresponding period of 2009, by 14.8 and 38.8 per cent, respectively.The report indicated that the improved performances in April relative to the preceding month reflected largely the rise in all the components namely, customs and excise duties, value-added tax, company income tax and other taxes as well as “others”. 


Federal Government estimated retained revenue for April 2010 was N135.65 billion, while total estimated expenditure was N289.99 billion, thus the fiscal operations of the Federal Government resulted in an estimated deficit of N153.29 billion, compared with the budgeted deficit of N126.83 billion for the review month.


According to the CBN, Nigeria’s crude oil production, including condensates and natural gas liquids, was estimated at 2.10 million barrels per day (mbd) or 63.0 million barrels for the month. Crude oil export was estimated at 1.65 mbd or 49.5 million barrels for the month, while deliveries to the refineries for domestic consumption remained at 0.45 mbd or13.5 million barrels. The average price of Nigeria’s reference crude, the Bonny Light (370 API), estimated at $85.51 per barrel, rose by 0.6 per cent over the level in the preceding month.


Non-oil export earnings by Nigerian exporters declined sharply, by 66.2 per cent in the review month, from the level in the preceding month to $112.4 million. The CBN attributed the development to largely fall in the prices of all the commodities traded at the international commodities market during the period.





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