– The CBN on Monday, December 3, revealed that the federal government recorded huge deficit in its collected revenue
– The apex bank in the country revealed that the revenue dropped by not less than 38.4% in October 2018
– By implication, the CBN in its report tagged Economic Report October 2018, revealed that there was a deficit of N66.51 billion in October
The Central Bank of Nigeria (CBN) in its report titled Economic Report October 2018, on Monday, December 3, revealed that the federal government’s collected revenue fell by 38.4% in October, and it recorded a deficit of N66.51 billion within same period.
Nigeria’s apex bank revealed: “Federally-collected revenue (gross) was estimated at N682.06bn in October 2018. This was below the monthly budget estimate and receipts in the preceding month by 38.4 per cent and 18.0 per cent, respectively, Punch reports.
“Oil and non-oil receipts (gross), at N422.13bn and N259.93bn in the review period, constituted 61.9 per cent and 38.1 per cent of total revenue, respectively.
“Federal Government retained revenue and estimated expenditure for October 2018 were N280.96bn and N347.48bn, respectively, resulting in an estimated deficit of N66.51bn.”
The CBN’s report further disclosed that domestic crude oil production was estimated at 1.88 mbd or 58.3 million barrels (mb) in October. Crude oil export was estimated at 1.39 mbd or 43.1 mb.
The average spot price of Nigeria’s reference crude oil, the Bonny Light (37° API), rose by 2.9 per cent to US$82.82 per barrel in October 2018.
The report also stated: “The end-period headline inflation, on year-on-year and twelve-month moving average bases, were 11.26 per cent and 12.80 per cent, respectively, in October 2018, compared with 11.28 per cent and 13.16 per cent, respectively, in September 2018.”
Moreover, the report indicated that the average exchange rate of the naira at the inter-bank, the BDC segment and the investors and exporters window were N306.47/$, N360.38/$ and N364.16/$, respectively in October 2018.
The gross external reserves was $40.61bn at end-October 2018, compared with $42.61bn at end-September 2018.
Meanwhile, TRACKNEWS.NG reported that the federal government was proposing a smaller budget size of N8.6 trillion for 2019 fiscal year compared to 2018 budget figure of N9.1 trillion.
TRACKNEWS.NG gathered that the federal government also envisaged a total revenue projection of N7.9 trillion, reductions in both borrowing and deficit financing going by provisions contained in 2019- 2021 medium term expenditure framework/fiscal strategy paper unveiled on Thursday, October 18, in Abuja by the minister of budget and national planning, Senator Udoma Udo Udoma.
