Revenue from non-oil export drops to N259bn in October

Revenue acruable to government from non-oil exports dropped to N258.93 billion in October from N354.38 in September.

The figure is also far below Nigeria’s monthly budget estimation of N466.91, according to the Central Bank of Nigeria (CBN) report on the nation’s economy for October.

The report also showed that the federally-collected revenue (gross), at N682.06 billion, in October 2018 was below the 2018 monthly budget estimate of N1,107.12 billion and the N831.45 billion collected in the preceding month by 38.4 per cent and 18.0 per cent, respectively.

This, the report noted was due to lower revenue from both oil and non-oil sources.

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It also showed that oil receipts, at N422.13 billion or 61.9 per cent of total revenue, was below the monthly budget estimate of N640.21 billion by 34.1 per cent. It was also a decline of 11.5 per cent below the preceding month’s receipt of N477.06 billion.

This shortfall was attributed to the drop in the average price of crude oil and declining production arising from the shutdown pipelines.

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