Federally-collected revenue in February was estimated at N847.81 billion, an increase of 25.5 per cent above the receipts in the preceding month, a Central Bank of Nigeria (CBN) Economic Report for the month released at the weekend, has shown.
The report attributed earnings increase to a rise in oil receipts to N630.14 billion, exceeding receipts in the preceding month. The rise in oil receipts was attributed to to the increase in receipts from crude oil and gas exports, royalties, domestic sales of crude oil and gas sales and other oil revenue.
The report said non-oil receipts, stood at N217.68 billion, and was also 8.4 per cent higher than receipts in the preceding month, but was 27.6 per cent lower than the provisional monthly budget estimate. “The rise in non-oil receipts reflected, largely, the growth in receipts from all its components, except education tax and customs and excise duties,” the report said.
Also, Federal Government estimated retained revenue was N284.5 billion, while total estimated expenditure was N342.3 billion. Hence, the fiscal operations of the Federal Government resulted in an estimated deficit of N57.8 billion, compared with the estimated monthly budget deficit of N73.92 billion.
The CBN said crude oil production, including condensates and natural gas liquids was estimated at 1.86 million barrels per day (mbd) or 52.08 million barrels for the month. Crude oil export was estimated at 1.41 million barrels per day (mbd) or 39.48 million barrels during the month while the average price of Nigeria’s reference crude, the Bonny Light (370 API), was estimated at $111.40 per barrel, indicating an increase of 1.1 per cent above the level in the preceding month.
It said the end-period headline inflation rate (year-on-year), was 7.7 per cent, 0.3 percentage point below its level in the preceding month. Inflation rate on a 12-month moving average basis fell by 0.1 percentage point to 8.3 per cent from the level in the preceding month.
Also, foreign exchange inflow and outflow through the CBN were $2.80 billion and $6.61 billion, respectively, and resulted in a net outflow of $3.81 billion. Foreign exchange sales by the CBN to the authorised dealers amounted to $6.25 billion, showing an increase of 54.9 per cent above the level in the preceding month.
“Relative to the level in the preceding month, the average naira exchange rate vis-à-vis the dollar depreciated at the Retail Dutch Auction System (RDAS) and interbank segments, while it appreciated at the bureau-de-change segment of the foreign exchange market. Non-oil export receipts rose significantly by 12.5 per cent above the level in the preceding month,” it said.
Aggregate banking system credit (net) to the domestic economy rose by 0.4 per cent to N15.1 trillion, on month-on-month basis, compared with the growth of 0.5 per cent at the end of the preceding month.
The development reflected, wholly, the 1.8 per cent increase in claims on the private sector, which more than offset the 18.4 per cent decline in net claims on the Federal Government.
Over the level at end-December 2013, aggregate banking system credit (net) to the domestic economy rose by 0.9 per cent due to one per cent increase in claims on the private sector.
Banking system’s credit (net) to the Federal Government, on month-on-month basis, fell by 18.4 per cent in contrast to the increase of 13.9 per cent at the end of the preceding month. The development was due to the decline in the banking system holdings of government securities.