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NIGERIA MAKES N7.3TR FROM OIL IN 2017 – CBN

AKINBILE AKINSUMBO QAMARDEEN

 

The reflection impact of increase in production and in crude oil price as the Nigeria’s total revenue from crude oil rose by 29 percent to N7.3 trillion in 2017.

 

However, during the year the deficit spending by the federal government rose by 22 percent to N2.7 trillion. This was disclosed by the Central Bank of Nigeria (CBN) in its Economic Report for the fourth quarter of 2017.

 

According to the vanguard newspapers analysis of the report showed that oil revenue into the federation account rose to N7.34 trillion in 2017, from N5.68 trillion in 2016. Non-oil revenue also grew by 17 percent to N3.24 trillion in 2017 from N2.98 trillion in 2016.

 

However according to CBN report showed decline in oil and non-oil revenue in the fourth quarter of 2017, The report stated: “Federally-collected revenue in the fourth quarter of 2017, at N2,040.59 billion, was lower than the proportionate quarterly budget estimate of N2,684.28 billion by 24.0 per cent. It was also below the receipts in the preceding quarter by 11.9 per cent.

 

Furthermore the quarterly budget estimated was attributed to the shortfall in receipts from both oil and non-oil revenue during the review quarter.

 

“The estimated at N814.55 billion or 39.9 per cent of the total, non-oil revenue (gross) fell below the proportionate quarterly budget estimate of N1,335.41 billion by 39.0 per cent. It was also below the level in the preceding quarter by 22.1 per cent.

 

However the central bank of Nigeria report showed that the federal government earned N5.5 trillion as revenue in 2017 while incurring N2.8 trillion as expenditure. Consequently, the federal government recorded deficit of N2.74 trillion during the year, up by 22 percent from N2.25 trillion in 2016.

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