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FG Earns N805 Billion in April, Incurs N50 Billion Deficit

The Central Bank of Nigeria (CBN) Economic Report for the month released yesterday has revealed that the Federal Government earned N805.91 billion last April.

The report said the earning was below the provisional monthly budget estimate by 14.7 per cent, but exceeded the receipt in the preceding month by two per cent.

The CBN said gross non-oil receipts stood at N184.94 billion, but was lower than both the monthly budget estimate and the level in the preceding month by 38.5 and five per cent, respectively.

The decline relative to the monthly budget estimate it said reflected largely, the low receipts from Corporate Tax, Customs and Excise Duties and Independent Revenue of the Federal Government.

Federal Government estimated retained revenue was N323.96 billion, while total estimated expenditure was N374.43 billion. It said the fiscal operations of the Federal Government resulted in an estimated deficit of N50.47 billion, compared with the estimated monthly budget deficit of N73.92 billion.

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