The total amount of revenue collected by the Federal Government in May dropped below its monthly budget estimate by 12.6 per cent to N826.36bn, the Central Bank of Nigeria data released on Monday showed.
The apex bank’s May report released on its website also indicated that the Federal Government retained revenue was N348.55bn, while total estimated expenditure was N472.95bn.
It said the fiscal operations of the Federal Government resulted in an estimated deficit of N124bn, compared with the provisional monthly budget deficit of N73.92bn.
The monthly report also showed that “relative to the level in the corresponding period of 2012, gross federally-collected revenue fell by 1.9 per cent.”
The decline relative to provisional monthly budget estimate was attributed to the drop in non-oil revenue during the review period, the report said.
The apex bank noted that the amount exceeded the receipt in the preceding month by 2.5 per cent.
The 54-page report reads in part, “Total federally-collected revenue in May 2013 was estimated at N826.36bn. This was below the provisional monthly budget estimate by 12.6 per cent, but exceeded the receipt in the preceding month by 2.5 per cent. At N648.63bn, oil receipts (gross), which constituted 78.5 per cent of the total revenue was above the provisional monthly budget estimate and the level in the preceding month by 0.6 and 4.5 per cent, respectively.
“The rise in oil receipts, relative to budget estimate, was attributed largely to the increase in receipts from PPT, royalties, and domestic crude oil and gas sales in the review period.
“Relative to the level in the corresponding period of 2012, gross federally-collected revenue fell by 1.9 per cent. The decline relative to provisional monthly budget estimate was attributed to the drop in non-oil revenue during the review period.”
According to CBN, the non-oil receipts, at N177.73bn or 21.5 per cent of the total was lower than both the monthly budget estimate and the level in the preceding month by 40.8 per cent and 4.2 per cent, respectively.
The decline relative to the monthly budget estimate reflected largely the low receipts from Customs and Excise Duties, VAT and Education Tax Fund, the report stated.
The report further reads, “Of the federally-collected revenue (gross), the sum of N527.43bn (after accounting for all deductions and transfers) was transferred to the Federation Account for distribution among the three tiers of government and the 13 per cent Derivation Fund. The Federal Government received N246.69bn, while the states and local governments received N125.12bn and N96.47bn, respectively.
“The balance of N59.15bn was credited to the 13 per cent Derivation Fund for distribution to the oil-producing states. From the VAT Pool Account, the Federal Government received N7.86bn, while the state and local governments received N26.19bn and N18.34bn, respectively. Overall, the total allocation to the three tiers of government from the Federation and VAT Pool Accounts amounted to N715.42bn. This was lower than the provisional monthly budget estimate of N729.44bn and the level in the preceding month by 1.9 per cent and 1.3 per cent, respectively.”