CBN Raises Alarm over Steadily Declining Government Revenue

CBNimagesInformation emerging from the apex bank in the country, the Central Bank of Nigeria (CBN) has shown that the revenue of the Federal Government has continued to decline due largely to the fall in corporate taxes, independent revenue, customs and excise duties.

According to the data released by CBN during the weekend, total federally-collected revenue during the fourth quarter of 2012 stood at N2.41 trillion, representing a decline of 0.4 and 13.3 per cent below the proportionate budget estimate and the level in the preceding quarter of 2012, respectively.

However, compared to the level in the corresponding period of 2011, total federally-collected revenue rose by 101.1 per cent. A breakdown of the revenue showed that gross oil receipts, which constituted 75.6 per cent of the total was N1.82 trillion, exceeding the proportionate budget estimate and the receipts in the corresponding period of 2011 by 9.9 and 151.2 per cent, respectively, but declined by 5.8 per cent below the receipts in the preceding quarter.

The rise in oil receipts relative to the proportionate budget estimate was attributed, largely, to the improvement in the receipts from Petroleum Profit Tax, Royalties and domestic crude oil and gas sales during the period.

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