CBN: Fed Govt Earns N658.6b From oil, Non-oil receipts

About N658.56 billion was recieved by the Federal Government from oil and non-oil sectors, the Central Bank of Nigeria (CBN) Economic report released has said.

The figure, which is for November, showed that oil receipts stood at N417.74 billion and while non-oil receipts stood at N240.85 billion, and constituted 63.4 per cent and 36.6 per cent, respectively, of total revenue.

The figure fell below both the monthly budget estimate and the receipts in the preceding month.

The Federal Government’s retained revenue and estimated expenditure were N207.91 billion and N293.38 billion, respectively, resulting in an estimated deficit of N85.47 billion.

Sustained non-expansionary monetary policy stance by the CBN in the reviewed month led to contraction in major monetary aggregates and downward trend in inflationary pressure.

On month-on-month basis, broad money supply (M2), fell by 0.8 per cent to N22.3 billion, on account of the three per cent and 1.6 per cent decline in domestic credit (net) and other assets (net) of the banking system, respectively.

The average prime and maximum lending rates fell to 17.77 per cent and 30.95 per cent, respectively.

Consequently, the spread between the average term deposit and the average maximum lending rates narrowed to 22.25 percentage points at end-November 2017 from 22.43 percentage points in the preceding month. Also, the spread between the average savings deposit and maximum lending rates declined to 26.43 percentage points from 26.85 percentage points in October 2017.