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Nigeria: N1.8 Trillion Revenue Realized in First Quarter - CBN
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Daily Trust (Abuja)
24 June 2008
Posted to the web 24 June 2008
Idris Ahmed
The total federally collected revenue during the first quarter of 2008 stands at N1.8 trillion, representing an increase of 25.2 and 11.2 per cent over the proportionate budget estimate and the preceding quarter's level respectively, the Central Bank of Nigeria (CBN) has said.
The CBN quarterly report released over the weekend stated that out of the revenue, oil receipts amounted to N1.5 trillion, constituting 83.3 per cent.
The amount, according to the CBN represents an increase of 33.2 and 23.1 per cent over the budget estimate and the level for the preceding quarter, respectively.
Minister of Finance, Dr. Shamsuddeen Usman, during his appearance at the National Assembly early this month said about N1.6 trillion was released and shared among the three tiers of government in the first quarter.
While the country realised the above amount due to a rise in the international oil price, Nigeria will from now, lose a daily amount of about N3.1 billion due to the disruption of oil facilities by militants in the Niger Delta. Shell produced 200, 000 barrel per day.
Last week Thusrday, militants attacked and blew up the Shell Petroleum Development Company (SPDC's) Bonga oil field that produces 200, 000 barrel per day out of the country's total daily production of 2 million barrels per day.
Another oil facility owned by an American oil firm, Chevron, in the Warri area of Delta state, was attacked on Saturday.
The CBN quarterly report reads: "The rise in oil receipts relative to the budget estimates was attributed to the persistent rise in oil prices at the international oil market. However, 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 estimates by 25.0 and 3.8 per cent, respectively."
The report stated that the fall in non-oil receipts relative to the preceding quarter was attributed to the decline in independent revenue of the Federal Government and companies income tax (CIT).
The Federal Government retained revenue for the first quarter of 2008 was N560.73 billion, while total expenditure was N464.11 billion the CBN said.
In the same quarter, the fiscal operations of the Federal Government was estimated to have resulted in a surplus of N96.63 billion, compared with the proportionate budgeted deficit of N38.87 billion and the actual deficit of N240.70 in the preceding quarter.
The report stated that out of the total federally-collected revenue during the review quarter, the sum of N1.041trillion was transferred to the Federation Account for distribution among the three tiers of government and the 13% derivation fund.
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"The Federal Government received N486.61 billion while the states and local governments received N246.82 billion and N190.28 billion respectively. The balance of N117.86 billion went to the 13% derivation fund for distribution by the oil producing states", the report read.
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