The Central Bank of Nigeria (CBN) has revealed that federal government earnings from oil sales dropped to a four-month low, IgbereTV reports
CBN stated this in its latest monthly economic report obtained by Ripples Nigeria over the weekend.
According to the CBN data, the gross federally collected revenue came to N945 billion in January, 7.8 per cent less than the N1.024 trillion budgeted for the period. The gross federally collected revenue is the money earned by the country before it is shared among the three tiers of government.
This is different from the Federal Government’s retained revenue, which was N406 billion in the same period, 39 per cent below the monthly target of N666 billion in the budget.
Oil income was the biggest factor responsible for the revenue underperformance.
Cash from oil sources came to a paltry N330 billion, the lowest since September 2021, when N307.43 billion was earned.
That meant oil income was 35 per cent below the monthly target of N506 billion in the budget.
The difference between the government’s actual revenues and the budget would have been much wider without a better-than-projected performance in non-oil income.
Non-oil income, which is made up of mainly corporate taxes, Value Added Tax (VAT) as well as customs and excise duties, totalled N615 billion in January, 19 percent above the budgeted monthly target of N519 billion and a 47 per cent increase compared to January 2021.
