Federal Govt records N1.46tn revenue deficit in Q1

Gross federally-collected revenue fell by 36 per cent or N1.46tn below the quarterly budget estimate in the first quarter of 2020.

The Central Bank of Nigeria disclosed this in its quarterly report titled “Federation account operations,” obtained by our correspondent on Tuesday.

Gross oil receipt, at N1.52tn or 60.3 per cent of the total revenue, was below the quarterly budget estimate and the receipt in the preceding quarter by 31.2 per cent and 2.6 per cent respectively. Non-oil revenue , at N1tn or 39.7 per cent of total revenue, fell below the quarterly budget estimate of N1.73tn by 42.1 per cent.The lower non-oil revenue, relative to the quarterly budget estimate, was due to the decline in receipt from VAT and corporate tax.

Of this amount, the Federal Government received N729.63bn, state and local governments received N370.08bn and N285.32bn respectively, while the balance of N139.47bn was transferred to the 13 per cent derivation fund for distribution among the oil-producing states.

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