Jury Still Out On Non-Oil Revenue As N2.63trn Flows Into Federation Account From Non-oil Revenue in 12 Months…

Must Read

…WHEN THE ‘YOUNG’ MAN FINALLY RETIRES

I have read and heard about many cases of real men retiring strong and something happens along the line...

OBA AKIOLU ENDORSES NEW GOLDBERG AS JAMODU LEADS BRAND TEAM TO PALACE

In a rare display of “Omoluabi” – the Goldberg campaign theme, the  Chairman of Nigeria Breweries Plc, Chief Kola Jamodu...

Yusuf Molumo wins MTN Nigeria Kiddies Hackathon

A 14-year-old, Yusuf Molumo has emerged as the winner of the 2019 MTN mPulse Kiddies Hackathon for creating QuizMe, an...
- Advertisement -
- Advertisement -

In the 12 months through to September 2017, gross flows into the federation account amounted to N3.51trn from oil revenue and N2.63trn from non-oil revenue. Over the period, oil revenue was the higher of the two in ten months, and non-oil revenue in just two.

The gap was smaller in 2016 (calendar year): oil at N2.70trn and non-oil at N2.24trn. It widened in the more recent period because the recovery in oil output pushed up oil revenues considerably in July, August, and September (see chart). Diplomacy in the Niger Delta has paid off for the FGN.

A similar conclusion should be drawn from the monthly payouts by the Federation Account Allocation Committee, of which the latest covers the distribution of revenues collected in November. The increase since mid-year is largely attributable to the improvement in average crude output, to 1.87 mbpd in Q2 2017 and 2.03 mbpd in Q3.

Read:  2018’S BADDEST NIGERIAN - INTERNATIONAL COLLABS SO FAR (VIDEOS)

The CBN data captured in the chart are not to be confused with FGN revenue collection, which the Medium Term Expenditure Framework 2018-20 projects at N5.65trn for 2018.

The newsflow would suggest that non-oil revenues are lagging some way behind budget. However, we flag the interim data (for the FGN only) for H1 2017 from the office of the accountant general of the federation. These show oil, non-oil, and FGN independent receipts all well behind budget for the period but also substantial unexpected contributions from other sources to offset the disappointment (Good Morning Nigeria, 12 December 2017). These may, or may not be repeatable.

Read:  DAILY MARKET REPORT: FIXED INCOME, MONEY MARKET AND FX - AUGUST 8, 2017
Read:  CBN In Conjunction With Churches, Mosques On Financial Literacy

Our data is drawn from the CBN’s Quarterly Statistical Bulletin and incorporates some large revisions from the figures in its quarterly Economic Report series, notably for gross non-oil revenues.

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Introducing The All-New Land Rover Defender (Photos)

Few motor cars fuel the sense of adventure quite like the Defender. Since its inception in 1948 as the...

OBA AKIOLU ENDORSES NEW GOLDBERG AS JAMODU LEADS BRAND TEAM TO PALACE

In a rare display of “Omoluabi” – the Goldberg campaign theme, the  Chairman of Nigeria Breweries Plc, Chief Kola Jamodu and accompanied by the Marketing...

DSTV EXCITES CUSTOMERS WITH BOLT AND LIFEMATE FURNITURE DEAL

DStv customers will continue to enjoy exciting offers on DStv Thanks this September. The DStv Thanks offer is a customer rewards programme designed to...

…WHEN THE ‘YOUNG’ MAN FINALLY RETIRES

I have read and heard about many cases of real men retiring strong and something happens along the line that makes me learn so...

More Articles Like This