Finance Minister, Ngozi Okonjo Iweala
By Obinna Chima
The federally-collected revenue improved significantly by
51.7 per cent to N3.025 trillion at the end of fourth quarter
of 2011, compared with the N1.461 trillion it stood in the
corresponding quarter of 2010, the Central Bank of Nigeria
(CBN) has said.
The CBN stated this in its “economic report for fourth
quarter 2011,” obtained on its website yesterday.
But the report showed that the amount represented a
decline of 9.1 per cent from the level in the preceding
It explained that at N2.408 trillion, gross oil receipts, which
constituted 79.6 per cent of the total, exceeded the budget
estimate by 41.3 per cent, but was lower than the level in
the preceding quarter by 8.9 per cent.
The CBN attributed the decline in oil receipts relative to the
preceding quarter to a fall in the receipts from petroleum
profit tax (PPT) and royalties.
“Non-oil receipts, at N616.98 billion (20.4 per cent of
the total), was above the budget estimate by 2.7 per
cent, but was below the level in the preceding quarter
by 9.9 per cent. The decline in non-oil revenue relative
to the preceding quarter reflected, largely, the decline in
Corporate Taxes and National Information Technology
Development Fund (NITDF) during the review period.
“Of the gross federally-collected revenue during the
review quarter, the sum of N1.404 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 derivation fund.
“The Federal Government received N663.50 billion, while
the states and local governments received N336.54 billion
and N259.46 billion, respectively,” it declared.
According to the CBN, the balance of N144.68 billion at
the end of the quarter went to the 13 per cent derivation
fund for distribution to the oil-producing states. It also
revealed that the federal government received N23.72
billion from the Value Added Tax (VAT) pool account,
while the state and local governments received N79.05
billion and N55.34 billion, respectively, during the period
“During the period under review, the sum of N257.08
billion was drawn down from the excess crude account
to bridge the short-fall in revenue for the period and was
shared as follows: Federal (N117.82 billion), state (N59.76
billion) and local governments,” it said.
Banks’ deposit rates generally increased, while lending
rates indicated mixed developments during the quarter
under review, the CBN said.