Federal Government retained revenue for the second quarter of this year stood at N677.88 billion, the Central Bank of Nigeria (CBN) Economic Report for the second quarter released yesterday said.
According to the report, the figure is above the receipts in the preceding quarter by 34.2 per cent, but lower than the quarterly budget estimate by 33 per cent.
The Federation Account 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.
Provisional data indicated that Federal Government expenditure for the second quarter stood at N1.76 trillion, which was above the provisional quarterly budget estimate and the level at the end of the preceding quarter by 12.8 and 58.1 per cent. This was attributed, mainly, to the rise in both recurrent and capital expenditure.