Home Economy Nigeria’s federal revenue drops by 33% to N745bn

Nigeria’s federal revenue drops by 33% to N745bn

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The Federal Government of Nigeria’s revenue experienced a drastic and staggering drop of about 33% or the hard figure of N745b in August 2018.
This was revealed by the Central Bank of Nigeria in a recent Economic Report for August 2018.
Nigeria’s apex bank observed that the gross federally collected revenue for August plummeted by close to N300 million.
The report revealed that there was about 33 per cent drop in what accrued to the government’s purse in comparison with the over N1 trillion expected as monthly receipt.
An excerpt from the reports noted that: “At N745.52 billion, estimated federally collected revenue (gross) in August 2018 fell below both the 2018 monthly budget estimate of N1.1 trillion and the receipt in the preceding month of N947.62 billion by 32.7 and 21.3 per cent, respectively.
“The decline in the monthly budget estimate was attributed to a shortfall in both oil and non-oil revenues. Oil receipts at N403.59 billion or 54.1 per cent of total revenue was below the monthly budget estimate of N640.21 billion by 37 per cent, as well as below the preceding month’s receipt of N513.54 billion by 21.4 per cent. The fall in oil revenue relative to the monthly budget estimate was attributed to the drop in crude oil production arising from repairs and maintenance of oil facilities at various NNPC (Nigeria National Petroleum Corporation) terminals.”

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