A Review of the Nigerian Energy Industry

Nigeria’s revenue hits N922bn in April

Ngozi Okonjo-Iweala20 June 2014, Abuja – Nigeria’s federally collected revenue stood at N922.08 billion as at April 2014, a report has shown.

The amount exceeded the receipts in the preceding month and the corresponding period of 2013 by 5.3 and 17.2 per cent, respectively.

Relative to the preceding month, growth in estimated federally-collected revenue (gross) in April was attributed to increase in non-oil revenue, the Central Bank of Nigeria (CBN) disclosed in its economic report for April 2014.

At N622.90 billion, gross oil receipts, which constituted 67.6 per cent of the total revenue, was lower than the receipts in the preceding month by 9.6 per cent, but was higher than its level in the corresponding period of 2013 by 1.6 per cent.

The decline in oil receipts relative to the preceding month was attributed to the shortfall in receipts from exports due to pipeline vandalism, resulting in drop in production.

Furthermore, it showed that gross non-oil receipts, at N299.18 billion or 32.4 per cent of the total, exceeded the receipts in the preceding month and the corresponding period of 2013 by 60.6 and 72.4 per cent, respectively.

The increase in non-oil revenue relative to the preceding month was due to the increase in receipts from the Independent Revenue of the federal government and corporate tax.

“Of the gross federally-collected revenue, the sum of N530.10 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 federal government received N249.08 billion, while the state and local governments received N126.34 billion and N97.4 billion, respectively. The balance of N57.27 billion was credited to the 13 per cent derivation fund for distribution to the oil-producing states,” it stated.

Furthermore, the report indicated that foreign exchange inflow and outflow through the CBN in the review month was $3.78 billion and $4.16 billion, respectively. This resulted in a net outflow of $0.38 billion, in contrast to the net inflow of $0.48 billion in the preceding month.

According to the report, relative to the level in the preceding month, inflow fell by 22.6 per cent, but indicated an increase of 16.7 per cent above the level in the corresponding period of 2013.

The decline in inflow relative to the preceding month was attributed to the 24.5 per cent fall in crude oil receipts.

Foreign exchange outflow fell by 5.7 per cent below the level in the preceding month, but was an increase of 23.3 per cent above the level in the corresponding period of 2013.

It also indicated that total assets and liabilities of the deposit money banks (DMBs) amounted to N24.778 trillion. This reflected an increase of 1.2 per cent above the level at the end of the preceding month

 

– This Day

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