Gross federally-collected revenue fell by 36 percent or N1.46tn below the quarterly budget estimate in the first quarter of 2020.
The Central Bank of Nigeria disclosed this in its recent quarterly report titled “Federation account operations,”.
The report said, “At N2.53tn, federally-collected revenue, in the first quarter of 2020, was lower than the quarterly budget estimate of N3.95tn by 36 percent.
“Similarly, it fell below the receipt in the preceding quarter by 4.8 percent.
“The decline in federally-collected revenue (gross), relative to the quarterly budget estimate, was attributed to shortfalls in receipt from both oil and non-oil revenue components during the review period.”
Gross oil receipt, at N1.52tn or 60.3 percent of the total revenue, was below the quarterly budget estimate and the receipt in the preceding quarter by 31.2 percent and 2.6 percent respectively.
The decline in oil revenue, relative to the quarterly budget estimate, was due to shortfall in receipt from PPT and royalties.
Non-oil revenue (gross), at N1tn or 39.7 percent of total revenue, fell below the quarterly budget estimate of N1.73tn by 42.1 percent.
It also fell below the level in the preceding quarter by eight percent.
The lower non-oil revenue, relative to the quarterly budget estimate, was due to the decline in receipt from VAT and corporate tax.
After the statutory deductions and transfers of N523.69bn and N479.1bn respectively, a net sum of N1.52tn was retained in the federation account for distribution.
Of this amount, the Federal Government received N729.63bn, state and local governments received N370.08bn and N285.32bn respectively, while the balance of N139.47bn was transferred to the 13 percent derivation fund for distribution among the oil-producing states.
In addition, the Federal Government received N44.52bn, while the state and local governments received N148.39bn and N103.87bn respectively from the VAT pool account.
Also, the sum of N18.17bn was shared as exchange gain in the following proportion. The Federal Government got N8.35bn; state governments got N4.23bn and local governments got N3.27bn.
The report added that there was a 13 percent derivation fund of N2.32bn.
It stated that N0.66bn was shared as non-oil excess revenue and was distributed such that the Federal Government got N0.35bn; state governments got N0.18bn, while local governments received N0.13bn.
The total statutory and VAT revenue allocation to the three tiers of government in the first quarter of 2020, amounted to N1.84tn, compared with the quarterly budget estimate of N2.98tn.