The total revenue generated by the federal government in the third quarter of 2013 stood at N2.716 trillion, a report by the Central Bank of Nigeria (CBN) has shown.

The central bank’s economic report for the third quarter of the year showed the amount represented a decline by 4.2 per cent and 1.58 per cent below the quarterly budget estimate and the level in the corresponding quarter of 2012, respectively.
However, relative to the level in the preceding quarter, total federally-collected revenue rose by 14.4 per cent.

Furthermore, it stated that at N1.622 trillion, gross oil receipts, which constituted 59.7 per cent of the total, declined below the proportionate budget estimate and the level in the preceding quarter by 16.1 and 10.5 per cent, respectively.

The development relative to the preceding quarter was attributed to the decline in most of the components of oil revenue during the review quarter.

“Non-oil receipts (gross), at N1.094 trillion (40.3 per cent of the total), was above the proportionate budget estimate and the level in the preceding quarter by 21.3 and 95.3 per cent, respectively.

“The increase in non-oil revenue relative to the preceding quarter reflected, largely, the rise in receipts from corporate tax, independent revenue of the federal government, education tax and customs levies. As a percentage of projected third quarter 2013 nominal Gross Domestic Product (GDP), oil and non-oil revenue were 13.6 and 9.2 per cent, respectively,” it added.

According to the report, of the gross federally-collected revenue during the review quarter, the sum of N1.611 trillion (after accounting for all deductions and transfers) was transferred to the federation account for distribution among the three tiers of government and the 13 per cent derivation fund.

A breakdown of this showed the federal government received N769.83 billion, while the states and local governments received N390.47 billion and N301.03 billion respectively. The balance of N150.22 billion went to the 13 per cent derivation fund for distribution to the oil-producing states.

“At the end of third quarter of 2013, banking system’s credit to the private sector rose by 3.8 per cent to N16.292 trillion, compared with the increase of 2.8 and 0.4 per cent at the end of the preceding quarter and the corresponding period of 2012, respectively.

“The development, relative to the preceding quarter reflected the increase in claims on both the core private sector and State and Local Government,” it explained.