Nigeria’s Q3 Non-oil Revenue Rose to N1.36trn

The Federal Government’s revenue from the non-oil sector rose to N1.36 trillion in the third quarter of 2019.

This was disclosed by the Central Bank of Nigeria in its economic report for third quarter 2019.

According to the apex bank Non-oil revenue (gross), at N1.36 trillion, rose above the quarterly budget of N1.34 trillion by 1.4 per cent. It also  rose above the level in the preceding quarter by 28.0 per cent.

“The higher non-oil revenue, relative to the quarterly budget, was as a result of increased receipts from corporate taxes, and improvements in the collection of the Nigeria Customs Service.”

The report said the gross oil revenue, at N1.34 trillion or 49.6 per cent of the total receipts, was below the quarterly budget by 44.6 per cent, but was above the receipt in the preceding quarter by 9.9 per cent.

The decline in oil revenue, relative to the quarterly budget, was due largely to shortfalls in all the components of oil revenue, except domestic crude oil and gas sales.

After the statutory deductions and transfers of N443.68 billion and N486.29 billion, respectively, a net sum of N1.77 billion was retained in the federation account for distribution, according to the report.

Of this amount, the Federal Government got N866.79bn; state and local governments received N439.65 billion and N338.95 billion, respectively, while the balance of N124.85 billion was transferred to the 13 per cent derivation fund for distribution among the oil-producing states.

In addition, the Federal Government received N41.89 billion, while the state and local governments got N139.62 billion and N97.73 billion, respectively, from the VAT Pool Account.

The sum of N1.75 billion was drawn down on the non-oil excess revenue account and distributed.

Out of it, the Federal Government got N0.92 billion; state governments got N0.47 billion; and local governments got N0.36 billion.

The sum of N3.02 billon was also shared as exchange gain, and the Federal Government got N1.44 billion; state governments got N0.74 billion; local governments got N0.56 billion; and 13.0 per cent derivation fund got N0.28 billion.

The CBN added that the total statutory and VAT revenue allocation to the three tiers of government in the third quarter of 2019 amounted to N2.054 trillion, compared with the quarterly budget of N3.27 trillion.