Business
Nigerian govt’s revenue declined by N388bn in November
The latest statistics from the Central Bank of Nigeria (CBN) has indicated that Federal Government’s revenue for the month of November dipped by N388 billion.
The apex bank stated this in its monthly economic report for the month of November.
It said, “At N858.92bn, the estimated federally-collected revenue (gross) in November 2019 fell below both the monthly budget estimate of N1.24tn and the preceding month’s receipt of N894.09bn by 31.1 per cent and 3.9 per cent respectively.
“The decline, relative to the monthly budget estimate, was attributed to shortfall in both oil and non-oil revenues”, the report said.
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It further revealed that oil receipt, at N489.08bn or 56.9 per cent of total revenue, was below both the monthly budget of N798.83bn and the preceding month’s receipt of N577.30bn by 38.8 per cent and 15.3 per cent, respectively.
The decrease in oil revenue was however attributed to shut-ins and shut-downs at some NNPC terminals, due to pipeline leakages and maintenance activities.
At N369.84bn or 43.1 per cent of total revenue, non-oil receipt was below the monthly budget of N447.24bn by 17.3 per cent but exceeded the preceding month’s earning of N316.79bn by 16.7 per cent.
The report also attributed the drop in collection for non-oil to the decline in revenue from Value Added Tax, education tax and Federal Government’s independent revenue.
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