Nigeria’s Federal Revenue Hits N711Billion In January – CBN

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In January 2015, Nigeria’s estimated federally collected revenue stood at N710.78 billion, the Central Bank of Nigeria (CBN) has revealed.

Nigeria’s Apex Bank economic report for January 2015 obtained from its website, revealed, the amount generated by the federal government was above the receipts in the preceding month as well as the the corresponding period of 2014, by 4.6 and 4.3 per cent, respectively.

BusinessNews Publication has it that the increase relative to receipts in the preceding month was due to the respective increase of 3.9 and 6.2 per cent in gross oil and non-oil revenue during the review period.

“At N486.44 billion, oil receipts (gross), which constituted 68.4 per cent of total federally collected revenue, were higher than the receipts in the preceding month and the corresponding period of 2014, by 3.9 and 0.9 per cent, respectively.

“The rise in oil receipts relative to receipts in the preceding month was attributed to the increase in receipts from crude oil and gas exports as well as domestic crude oil/gas sales. 0 Non-oil receipts (gross), at N224.34 billion or 31.6 per cent of the total was 6.2 and 12.3 per cent higher than the receipts in the preceding month and the corresponding month of 2014, respectively.

“The increase in non-oil revenue relative to the preceding month reflected the rise in receipts from Value Added Tax (VAT), customs and excise duties and independent revenue of the Federal Government during the review month of the federally-collected revenue (gross), the sum of N465.76 billion (after all deductions and transfers) was transferred to the Federation Account for distribution among the three tiers of government and the 13 per cent derivation fund,” the CBN explained.

An overall summary of the amount received by the three tiers of government showed that the federal government received N220.44 billion, while the state and local governments received N111.81 billion and N86.20 billion, respectively.

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