By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE) – The Central Bank of Nigeria (CBN) Tuesday said the Federal Government of Nigeria (FGN) collected total revenue worth N3.025.10 Trillion in the Fourth Quarter (Q4) of year 2011.

This is contained in the Nigeria Central Bank’s Economic Report for the Q4 of 2011 and obtained by www.investadvocateng.com.

The CBN said that total federally-collected revenue in the Fourth quarter of 2011 stood at N3, 025.10 trillion, represented a decline of 9.1 percent (9.1%) from the level in the preceding quarter, but an increase of 31.3% and 51.7% over the budget estimate and receipts in the corresponding period of 2010, respectively.

According to the CBN Report, a N2, 408.12 trillion, oil receipts, which constituted 79.6% of the total, exceeded the budget estimate and the level in the corresponding quarter of 2010 by 41.3% and 66.2%, respectively.

“This was however, lower than the level in the preceding quarter by 8.9%” the CBN said.

The Report affirmed that the decline in oil receipts relative to the preceding quarter was attributed, largely, to the fall in the receipts from domestic crude oil and gas sales during the period. “

CBN said Non-oil receipts, at N616.98 billion (20.4% of the total), was above the budget estimate and the corresponding quarter of 2010 by 2.7% and 12.6%, respectively, “but was below the level in the preceding quarter by 9.9%” the Report said.

Nigeria’s CBN in the Report further affirmed that the decline in non-oil revenue relative to the preceding quarter’s level largely reflected the decline in corporate taxes and National Information Technology Development Fund (NITDF) during the review period.

“Federal Government retained revenue for the fourth quarter of 2011 was N587.71 billion, while total expenditure was N952.77 billion. Thus, the fiscal operations of the Federal Government resulted in an estimated deficit of N365.06 billion or 3.7% of estimated nominal GDP for fourth quarter 2011, compared with the deficit of N161.13 billion and N715.88 billion for the preceding quarter and the corresponding quarter of 2010, respectively” the Report said.

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