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

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Top 10 Most Expensive Universities In Nigeria

For many Nigerians, high-quality higher education is a luxury. There are many private universities who are known not only...

Novel Coronavirus: Lagos alerts public, lists precautionary measures

…Says No Case Of Virus Reported In Nigeria The Lagos State Government has alerted the public to a new virus,...
- 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:  Fixed Income Report for 7th of June 2017

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:  Fraudsters Swindle N2.19bn from Banks in 2016
Read:  Ford Motor Company restates 1.3 million Explorer SUVs and F-150 pickups

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

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.


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

CBN MPC Retains MPR and Liquidity Ratio; Raises CRR to 27.5% In First Meeting of 2020

The Monetary Policy Committee (MPC) concluded its two-day policy meeting today. The committee agreed to raise the cash reserve...

Dangote Cement and 15 others drives equity market higher as NSE-ASI gain 0.13%

The Nigerian bourse on Friday ended the trading week on a positive note, extending the previous day’s positive sentiment. The growth was impacted by gains...

Airtel Gets New Number Range, 0904

Leading telecommunications services provider, Airtel Nigeria, has announced that it has added 0904 number series to its numbering range, following the approval of the...

Fashion Fix 3 (Ep 6)- Your Transitional TGIF Wardrobe

Award-winning fashion stylist Rhonke Fella joins Mercy on this week’s episode of Fashion Fix to discuss getting your Friday office workwear sorted. The pair dish...

More Articles Like This