Federal government collected total revenue of N2.5 trillion in the second quarter of the year, the Central Bank of Nigeria (CBN) has said.
The CBN said in its Economic Report for the quarter that gross oil receipts constitute N1.9 trillion of the amount, representing 76.3 per cent of the total.
Non-oil receipts constitute N614.60 billion, representing 23.7 per cent of the total. The report said that federal government retained N851.99 billion of the total revenue, while its total expenditure stood at N1.06 trillion. The report said that the fiscal operations of the federal government resulted in an estimated deficit of N211.80 billion or 2.8 per cent of GDP, compared with a proportionate budget deficit of N284.05 billion and a surplus of N12.58 billion in the preceding quarter.
Provisional data by the National Bureau of Statistics showed that gross domestic product (GDP) grew by 6.6 per cent during the quarter, compared with 6.2 per cent in the preceding quarter. The development was attributed, largely, to the increase in the contribution of the non-oil sector. During the quarter, Nigeria's crude oil production, including condensates and natural gas liquids, was estimated at 2.12 million barrels per day (mbd) or 192.92 million barrels for the quarter.
Crude oil export was estimated at 1.67 mbd or 151.97 million barrels for the quarter, while allocations to the refineries for domestic consumption remained at 0.45 mbd or 40.95 million barrels. The average price of Nigeria's reference crude (the Bonny Light (370 API)) estimated at $109.32 per barrel, fell by 9.7 per cent below the level in the preceding quarter. According to the report, foreign exchange inflow and outflow through the CBN amounted to $10.02 billion and $9.61 billion, respectively, resulting in a net inflow of $0.41 billion during the quarter. Foreign exchange sales by the CBN to authorized dealers amounted to $8.66 billion in the second quarter of 2011, compared with $7.98 billion in the first quarter of this year.
No comments:
Post a Comment