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Federally collected revenue down at N760.29b

Total federally-collected revenue (gross) in August 2013 was estimated at N760.29 billion. This was lower than both the monthly budget estimate and the receipt in the preceding month by 19.5 and 27.6 per cent, respectively.

At N457.23 billion, oil receipts (gross), which constituted 60.1 per cent of the total revenue, was below the monthly budget estimate and the level in the preceding month by 29.1 and 29.2 per cent, respectively.

The fall in oil receipts, relative to thebudget estimate, was attributed, largely, to the shortfall in receipts from crude oil exports and other oil revenue in the review period.

According to the Central Bank of Nigeria (CBN) report, non-oil receipts (gross), at N303.06 billion (39.9 per cent of the total), exceeded the provisional monthly budget estimate by 0.9 per cent, but was lower than the level in the preceding month by 25.1 per cent. The rise in receipts relative to the monthly budget estimate reflected, largely, the increased receipts from Corporate and Education Taxes.

Federal Government estimated retained revenue was N261.88 billion, while total estimated expenditure was N362.16 billion. Thus, the fiscal operations of the Federal Government resulted in an estimated deficit of N100.28 billion, compared with the provisional monthly budget deficit of N73.92 billion.

Agricultural activities in August 2013 were boost by stable and well distributed rainfall.

Activities in the sector were dominated by harvesting of maize, yam and vegetables. In the livestock sub-sector, most poultry farmers intensified clearing and disinfesting of broiler houses and surroundings to minimize the incidence of diseases associated with wet season.

The farmers also re-stocked broilers to target end of year festivities. Crude oil production was estimated at 1.88 million barrels per day (mbd) or 58.28 million barrels during the month.

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