The Central Bank of Nigeria, CBN, in its Economic Report for the second quarter released on Monday, August 29, revealed that the Federal Government retained revenue for the second quarter of 2016 stood at N677.88 billion.
The figure is above the receipts in the preceding quarter by 34.2 per cent, but lower than the quarterly budget estimate by 33 per cent, the report stated.
According to the report the Federation Account accounted for 47.7 per cent of the total revenue. “Other Oil Revenue”, Federal Government Independent Revenue, Value Added Tax (VAT) and Nigeria National Petroleum Corporation (NNPC)
Refund and Exchange Gain accounted for 30.0 per cent, 14.9 per cent, 4.1 per cent and 3.3 per cent. Provisional data indicated that Federal Government expenditure for the second quarter stood at N1.76 trillion, which was above the provisional quarterly budget estimate and the level at the end of the preceding quarter by 12.8 and 58.1 per cent. This was attributed, mainly, to the rise in both recurrent and capital expenditure.
A breakdown of the expenditure showed that the recurrent component accounted for 72.6 per cent. Capital and statutory transfers constituted 19.8 per cent and 7.6 per cent.
Of the recurrent expenditure, the non-debt component represented 73.4 per cent. Debt service payments accounted for the balance of 26.6 per cent.
The fiscal operations of the Federal Government thus, resulted in an estimated deficit of N1.09 trillion, indicating an increase of 96.4 per cent above the provisional quarterly budget deficit of N555.49 billion.
The CBN data also showed that foreign exchange inflow and outflow through the apex bank amounted to $5.89 billion and $6.09 billion, resulting in a net outflow of US$0.20 billion.
Foreign exchange sales by the CBN to the authorised dealers amounted to $4.31 billion. The average exchange rate of the naira against the dollar at the inter-bank was N209.13 to dollar.
