By InvestAdvocate

Lagos (INVESTADVOCATE)-Gross federally-collected revenue in August 2012 was estimated at N1,021.10 billion, showing an increase of 26.4 and 3.6 per cent above the monthly budget estimate and the preceding month’s level, respectively. At N749.11 billion, gross oil receipts exceeded both the monthly budget estimate and the preceding month’s level by 35.5 and 18.4, respectively.

This was attributed largely, to the favorable crude oil prices at the international oil market. Non-oil receipts, at N271.99 billion (26.6 per cent of the gross federally collected revenue), was 23.0 and 6.8 per cent lower than the receipts in the preceding month and the monthly budget estimates, respectively.

The decline in nonoil revenue relative to the preceding month, reflected, largely, the fall in corporate tax, customs and excise duties, educational tax, customs/excise duties and the independent revenue of the Federal Government. Federal Government estimated retained revenue in August 2012 was N243.21 billion, while total estimated expenditure was N376.15 billion.

Thus, the fiscal operations of the Federal Government resulted in an estimated deficit of N132.94 billion, as against the estimated monthly budget deficit of N94.68 billion.

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