CBN: Federally-collected Revenue Rises by 23% to N932bn
Nigeria’s federally collected revenue stood at N931.93 billion in July, representing a 22.6 per cent increase compared with the N760.08 billion recorded in June, the Central Bank of Nigeria has revealed.
Data from the central bank’s economic report for July, posted on its website, showed that gross oil receipts, at N387.74 billion or 41.6 per cent of the total revenue, was below the monthly budget of N640.21 billion by 39.4 per cent. The increase in collection relative to the provisional monthly budget was due to the rise in Customs Special Levies, Corporate Tax, Customs and Excise Duties, Education Tax, and FGN Independent Revenue.
The growth in aggregate credit to the domestic economy, over the level at end-December 2018, according to the report, contrasted with the decline of 3.3 per cent at the end of the corresponding period of 2018. Relative to the level at the end of the corresponding period of 2018, net claims on the federal government grew by 8.5 per cent. Over the level at end-December 2018, net claims on the federal government rose by 55.8 per cent, compared with the growth of 50.3 per cent at the end of the preceding month.
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