2016 budget: FG earnings short by 33% in third quarter

Godwin Emefiele CBN Governor

Federal Government revenue for the second quarter of this year stood at N677.88 billion, the figure is above the receipts in the preceding quarter by 34.2 per cent, but lowers than the quarterly budget estimate by 33 per cent.

The Central Bank of Nigeria (CBN) Economic Report has disclosed. The breakdown shows that the Federation allocation accounted for 47.7 per cent of the total revenue.

“Other Oil Revenue”, Federal Government Independent Revenue, Value Added Tax (VAT) and Nigeria National Petroleum Corporation (NNPC) Refund and Exchange Gain accounted for 30.0 per cent, 14.9 per cent, 4.1 per cent and 3.3 per cent.

Similarly, the external reserves of the country, which have been downs for some time, received some strength as they rose by $595 million in five days to $26.196 billion on Monday August 29, 2016. This represents an increase of 2.26 per cent, compared with $25.601 billion it was as of August 24, 2016.

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