The development relative to
the budget estimate was attributed to the decline in oil and non-oil revenue
during the review period. The CBN said in its second quarter economic report
released recently that at N839.02 billion, gross oil receipts, which
constituted 56.5 per cent of the total, fell by 38.2 and 30.7 per cent below
the provisional quarterly budget estimate of N1.3 trillion and receipts of N1.2
trillion in the preceding quarter, respectively.
The decline in oil revenue
relative to the budget estimate was also attributed, mainly, to the fall in
receipts from Petroleum Profit Tax (PPT) and Royalties, owing to the persistent
fall in crude oil prices in the international market, during the review
quarter.
Besides, of the gross
federally-collected revenue during the review quarter, the sum of N898.58
billion (net deductions) was transferred to the Federation Account for
distribution among the three tiers of government and the 13 per cent derivation
fund.
Specifically, at N473.86
billion, estimated federally-collected revenue in May 2015, was lower than both
the monthly budget estimate and the receipt in the preceding month by 41.8 and
35.5 per cent, respectively. The decline in estimated federally-collected
revenue (gross) relative to the monthly budget estimate was also attributable
largely to the shortfall in receipts from both oil and non-oil revenue during
the review month.
Also, at N267.18 billion or
56.4 per cent of the total revenue, gross oil receipt was lower than the
monthly budget estimate by 41.0 per cent. It was also lower than the level in
the preceding month and the corresponding period of 2014 by 6.7 and 53.1 per
cent, respectively.
The decline in oil receipts
relative to the monthly budget estimate and the level in the preceding period
was attributable to the fall in receipts from crude oil/gas exports and
PPT/Royalties, occasioned by the fall in the price of crude oil in the
international market.
According to the CBN, the
sum of N98.83 billion, N195.05 billion and N57.75 billion were transferred to
the Federal Government Independent Revenue, VAT pool account and others,
respectively.
The Federal Government
received N430.41 billion, while the state and local governments received
N218.31 billion and N168.31billion, respectively. The balance of N81.56 billion
was allocated to the 13 per cent derivation fund for distribution among the
oil-producing states.
Also, the Federal
Government received N29.26 billion from the VAT Pool Account, while the state
and local governments received N97.53 billion and N68.27 billion, respectively.
The CBN disclosed that Nigeria’s crude oil production, including condensates
and natural gas liquids averaged 1.91 million barrels per day (mbd) or 173.81
million barrels in the quarter.
Nigeria’s crude oil export
stood at 1.46 mbd or 132.86 million barrels for the quarter, while deliveries
to the refineries for domestic consumption remained at 0.45 mbd or 40.95
million barrels.
The CBN said that at
N628.72 billion, the estimated Federal Government retained revenue for the
second quarter of 2015 was lower than both the provisional budget estimate and
the receipts in the preceding quarter by 32.4 and 38.8 per cent, respectively.
Of this amount, the Federal
Government’s share from the Federation Account, VAT, NNPC Refund, NNPC
additional revenue and “Others” accounted for 68.5, 15.7, 4.7, 3.0, 0.6 and 7.5
per cent, respectively. (guardian)
No comments:
Post a Comment