FG’s Revenue Drops by 53 Per Cent in May – Thisday

At N384.88billion, estimated federally-collected revenue (gross) in May 2016, fell short of the provisional monthly budget estimate of N814.87billion by 52.8 per cent.

It was also lower than the receipt of the preceding month by 1.6 per cent.

The Central Bank of Nigeria (CBN), which disclosed this in its monthly economic report for May 2016 that was posted on its website stated that the development, relative to the provisional monthly budget estimate was attributed to the decline in oil and non-oil revenue.

According to the report, at N185.76 billion or 48.3 per cent of the total revenue, gross oil receipts also fell short of both the provisional monthly budget estimate of N452.60 and the preceding month’s receipts of N227.69 billion by 59 and 0.5 per cent, respectively.

The decrease in oil revenue relative to the monthly budget estimate was attributed to the decline in domestic crude oil/gas sales owing to shut-downs and shut-ins in production arising from repairs at some NNPC terminals.

Pipeline destruction, vandalism and the persistent decline in crude oil prices also contributed to the decline.

Read more at http://www.thisdaylive.com/index.php/2016/08/02/fgs-revenue-drops-by-53-per-cent-in-may/