Kunle Aderinokun
23 June 2008
Abuja — The Central Bank of Nigeria (CBN) has disclosed that the total federally-collected revenue in the first quarter of 2008 was N1.889 trillion, representing an increase of 25.2 and 11.2 per cent over the proportionate budget estimate and the preceding quarter's level respectively.
Out of the above-stated figure, oil receipt at N1.574 trillion according to the apex bank's Economic Report for the first quarter of 2008, constituted 83.3 per cent.
This indicated increases of 33.2 and 23.1 per cent over the budget estimate and the level in the preceding quarter respectively.
The rise in oil receipts relative to the budget estimate according to the report was attributed to the persistent rise in oil prices at the international oil market during the review period.
The banking watchdog however, noted that non-oil receipts, at N315.06 billion or 16.7 per cent of the total, was lower than the receipts in the preceding quarter and the budget estimate by 25.0 and 3.8 per cent, respectively.
It attributed the decline in non-oil receipts during the period largely to the fall in independent revenue of the Federal Government and Companies Income Tax (CIT).
"Of the total federally-collected revenue during the review quarter,N1.041 trillion was transferred to the Federation Account for distribution among the three tiers of government and the 13 per cent derivation fund.
The Federal Government received N486.61 billion, while the state and local governments received N246.82 billion and N190.28 billion respectively.
The balance of N117.86 billion went to the 13 per cent derivation fund for distribution by the oil producing states," the CBN explained.
On the fiscal operation of the three tiers of government, the apex bank said the Federal Government retained revenue stood at N560.73 billion for the first quarter of 2008, which represented 13.5 and 20.0 per cent lower than the proportionate budget estimate and the receipts in the preceding quarter respectively.
The decline in retained revenue was attributed largely to the fall in Federal Government independent revenue, resulting from the low level of activities during the period.
At N464.11 billion, total expenditure for the period according to the CBN, fell by 50.7 and 32.4 per cent from the levels in the preceding quarter and the proportionate budget estimate, respectively.
It attributed the decline in total expenditure for the period relative to the preceding quarter and budget estimate largely to the non-release of capital budget during the quarter, following the delay in the passage of the 2008 budget.
A breakdown of total expenditure showed that the recurrent component accounted for 93.7 per cent, while statutory transfers to the Federal Capital Territory (FCT) and other special agencies accounted for the balance of 6.3 per cent.
The fiscal operations of the Federal Government in the first quarter of 2008, according to the CBN, resulted in an estimated surplus of N96.63 billion, in contrast to the proportionate budgeted deficit of N38.87 billion and the actual deficit of N240.70 in the preceding quarter.
However, total receipts, including 13 per cent Derivation Fund and share of Value Added Tax (VAT) by the state governments from the Federation Account during the first quarter of 2008 stood at N412.50 billion, representing an increase of 10.8 and 14.8 per cent over the levels in the preceding quarter and corresponding period of 2007 respectively, said the banking watchdog.
"At N47.82 billion, receipts from the VAT Pool Account rose by 12.4 and 49.3 per cent over the levels in the preceding quarter and the corresponding period of 2007, respectively. Similarly, at N364.68 billion, total receipts from the Federation Account rose by 10.6 and 11.4 per cent over the level in the preceding quarter and corresponding period of 2007. On monthly basis, the sums of N115.18 billion, N104.81 billion and N192.50 billion were allocated to the 36 state governments in January, February and March 2008, respectively," CBN said.
Be the first to Write a Comment!
Copyright © 2008 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
