Q1: FG Records Revenue Deficit of N1.46tn
The coronavirus pandemic may have taken a toll on the revenue of the federal government as it recorded N1.46tn or 36 percent below its quarterly budget this year.
This was disclosed by the Central Bank of Nigeria in its quarterly report for the year.
According to Punch Newspaper, the report which is titled “Federation account operations” states: “At N2.53tn, federally-collected revenue, in the first quarter of 2020, was lower than the quarterly budget estimate of N3.95tn by 36 per cent.
“Similarly, it fell below the receipt in the preceding quarter by 4.8 per cent.
“The decline in federally-collected revenue (gross), relative to the quarterly budget estimate, was attributed to shortfalls in receipt from both oil and non-oil revenue components during the review period.”
This was disclosed by the Central Bank of Nigeria in its quarterly report for the year.
According to Punch Newspaper, the report which is titled “Federation account operations” states: “At N2.53tn, federally-collected revenue, in the first quarter of 2020, was lower than the quarterly budget estimate of N3.95tn by 36 per cent.
“Similarly, it fell below the receipt in the preceding quarter by 4.8 per cent.
“The decline in federally-collected revenue (gross), relative to the quarterly budget estimate, was attributed to shortfalls in receipt from both oil and non-oil revenue components during the review period.”
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