Federal Government retained revenue for the second quarter of this
year stood at N677.88 billion which is above the receipts in the
preceding quarter by 34.2 per cent, but lower than the quarterly budget
estimate by 33 per cent.
 |
| CBN Governor, Emefiele |
This is contained in the Central Bank of Nigeria (CBN)
Economic Report for the second quarter released yesterday.
The Federation Account accounted for 47.7 per cent of the total
revenue, while others including 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 respectively.
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.
Also, assets and liabilities of the commercial banks stood at N31.23
trillion, at the end of the preceding quarter of 2016, representing an
increase of 9.6 per cent over the level at the end of the preceding
quarter.
The CBN’s credit to the commercial banks rose by 34.2 per cent to N1,041.73 billion with banks’ specified liquid assets stood at N6.53 trillion, representing 34.9 per cent of their total current liabilities.
The gross external reserves, the report said, stood $26.51 billion,
showing a decline of three per cent and 6.5 per cent, compared with the
levels in the preceding quarter and the corresponding period of 2015.
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