The Federal Government raked into its coffers N826.36 billion as gross earnings for the month of May 2013, which was below the provisional monthly budget estimate by 12.6 per cent, but exceeded the receipt in the preceding month by 2.5 per cent.
The decline, according the Central Bank of Nigeria’s Economic Report for May, was attributed to the drop in non-oil revenue during the review period.
However, at N648.63 billion, the gross oil receipts, which constituted 78.5 per cent of the total revenue of government, was 0.6 per cent and 4.5 per cent above the provisional monthly budget estimate and the level in the preceding month (April), respectively.
The rise in oil receipts relative to the monthly budget estimate was attributed to the increase in receipts from petroleum profit tax, royalties and domestic crude oil and gas sales during the review period.
Also, gross earnings from non-oil receipts were put at N177.73 billion or 21.5 per cent of the total, lower than both the monthly budget estimate and the level in the preceding month by 40.8 per cent and 4.2 per cent, respectively.