CBN Governor, Sanusi Lamido Sanusi
By Obinna Chima
The federally collected revenue increased by 11.7 per cent to N1.008 trillion in January this year as against the N890.097 billion realised in December last year, the Central Bank of Nigeria (CBN) has said.
According to the apex bank’s “economic report for January 2012,” posted on its website at the weekend, the amount also exceeded what was realised by the federal government in the corresponding period of 2011 by 37.8 per cent.
It however attributed the development to an increase in both oil and non-oil receipts during the month under review, saying that at N802.71 billion, gross oil receipts, which constituted 79.6 per cent of the total revenue, exceeded the receipts in the preceding month and the corresponding period of 2011 by 10.6 and 38.4 per cent, respectively.
The increase in oil receipts relative to the preceding month was also attributed, largely, to the 18.7 and 22.7 per cent rise in receipts from domestic crude oil and gas sales and crude oil and gas export, respectively.
“Non-oil receipts (gross), at N205.66 billion or 20.4 per cent of the total revenue was 16.6 and 35.9 per cent higher than the receipts in the preceding month and the corresponding period of 2011, respectively. The development reflected, largely, the increase in corporate tax, Federal Government independent revenue and customs special levies,” the report explained.
The banking sector regulator also declared that at N12.664.8 trillion, aggregate banking system credit (net) to the domestic economy rose by 2.1 per cent on month-on-month basis, compared with 10.5 per cent growth recorded at the end of the preceding month.
The development, according to the report, also reflected largely, the 3.5 per cent increase in claims on the private sector.
“On year-on-year basis, aggregate banking system credit (net) to the domestic economy, however, declined by 4.2 per cent. Banking system’s credit (net) to the FG, on month-on-month basis, declined by 37.1 per cent to negative N728.4 billion, in contrast to the growth of 52.7 and 34.8 per cent at the end of preceding month and corresponding period of 2011, respectively.
“The development reflected largely, the significant decline in banking system’s holdings of government securities. Federal government, however, remained a net lender to the banking system at the end of the review month.
“The banking system’s credit to the private sector, on month-on-month basis, rose by 3.5 per cent to N13.393 trillion over the preceding month’s level, in contrast to a decline of 4.2 per cent at end of the corresponding month of 2011.
“Similarly, banking system’s claims on the core private sector rose by 3.8 per cent to N12.899 trillion over the level in the preceding month, compared with 3.4 per cent at the end of the preceding month,” the CBN revealed.
Continuing, the CBN stated that at N7.427 trillion, foreign assets (net) of the banking system, on month-on-month basis, rose by 3.4 per cent, compared with 8.4 per cent in the preceding month. It further attributed this development largely, to the 12.6 and 1.4 per cent increase in deposit money banks’ and CBN’s holdings of foreign assets, respectively.
“At N1.475 trillion currency-in-circulation fell by 5.8 per cent in the review month, compared with the decline of 2.7 per cent at the end of corresponding period of 2011. The development reflected the 12.2 per cent decline in currency outside banks during the review month,” it added.