The report said the federation revenue improved in the third
quarter of 2021 as a result of a sustained uptick in economic activities and
crude oil prices.
It said, “Total federation receipts in the third quarter of
2021 at N2.85tn exceeded the level in the second quarter of 2021 by 11.5 per
cent. However, it was below the quarterly benchmark of N3.07tn by 7.3 per cent.
“Propelled by improved oil revenue inflow, arising from
strong oil market fundamentals in the preceding months, federally-collected
revenue in October 2021 rose relative to September 2021.”
The report said federation revenue rose to N942.31bn from
N854.31bn in September but fell short of the proportionate benchmark of N1.02tn
by eight per cent.
It said non-oil revenue accounted for 50.3 per cent of total
federation revenue, while oil revenue made up the balance of 49.7 per cent.
“This closely compares with the 50.6:49.4 non-oil-oil
revenue mix envisaged in the 2021 Appropriation Act,” the report said.
According to the report, earnings from oil sources jumped by
52.5 per cent to N468.72bn in October relative to September but fell short of
the monthly target by 7.4 per cent (or N37.21bn).
It said the oil revenue increase was due largely to the
N15.68bn receipts from crude oil and gas exports and the doubling of earnings
from petroleum profit tax and royalties (N167.56bn).
The report said the positive outcomes underscored the
rebound in crude oil prices.
It said non-oil receipts, at N473.59bn in October, was below
both the level in September and the budget target by 13.4 per cent and 8.7 per
cent, respectively.
The decline in non-oil revenue was attributed to a drop in
major components, namely company income tax, customs and excise duties,
value-added tax, and FGN independent revenue, with the largest decline in
customs and exercise duties and FGN independent revenue sources.
The report said out of the gross federation receipts of
N942.31bn, a statutory deduction of N205.45bn was made, leaving a balance of
N736.86bn for distribution to the three tiers.
It said N3.1bn derived from exchange gain was also
distributed among the federating units, bringing the total disbursement in
October to N739.96bn.
The report said this was 14.4 per cent above the allocation
in September, but 8.8 per cent or N71.19bn below the budgetary target.
Of the total disbursement, the federal, state, and local
governments received N301.31bn, N220.27bn, and N164.18bn, respectively,
according to the statement.
0 comments:
Post a Comment