• News
  • Entertainment
  • Sports
  • Politics
  • Education
  • Business
  • Tech
  • Health
  • Gossips
  • World
  • Lifestyle
  • Biafra
  • Religion
Chrysora Media
  • News
  • Entertainment
  • Sports
  • Politics
  • Education
  • Business
  • Tech
  • Health
  • Gossips
  • World
  • Lifestyle
  • Biafra
  • Religion
No Result
View All Result
  • News
  • Entertainment
  • Sports
  • Politics
  • Education
  • Business
  • Tech
  • Health
  • Gossips
  • World
  • Lifestyle
  • Biafra
  • Religion
No Result
View All Result
Chrysora Media
No Result
View All Result
Home News

FG records loss of N1.14tr in three months

admin by admin
January 28, 2020
in News
0
Spread the love

The fiscal operations of the Federal Government in the fourth quarter of 2019, showed an estimated deficit of N1.14 trillion, compared with the proportionate quarterly budget deficit of N479.62 billion. The government had estimated an expenditure profile of N2.59 trillion for the fourth quarter of 2019, but expended N2.07 trillion, representing a 20.1 percent shortfall and 14.1 percent compared with the level in the preceding quarter.

But the provisional data from Q4 Economic Report by the Central Bank of Nigeria (CBN) revealed that while the Federal Government N2.07 trillion in the period under review, its earnings amounted to N938.72 billion. The development, which resulted to N1.14 trillion deficit financing, was below both the quarterly budget estimate, as well as the receipt in the preceding quarter by 55.6 percent and 46.0 percent, respectively.

Of the N938.72 billion, Federation Account accounted for 83.8 per, cent, while Federal Government Independent Revenue, Value Added Tax (VAT), Exchange Gain and Non-oil Excess, accounted for 8.7 percent, 4.4 percent, 2.7 percent, and 0.4 percent, respectively. Still, a further breakdown of the total expenditure showed that the recurrent component accounted for 73 percent, while capital and statutory transfers accounted for 21.3 percent and 5.7 percent, repectively.

ALSO READ:  Tinubu's Victory: Atiku gives reason for the protest in front of INEC office

An analysis the recurrent expenditure components showed that the non-debt component like salaries and others, accounted for 74.1 per cent, while debt service payments was 25.9 percent. The Federal Government and the sub-nationals (states) got tangled with the deficits when the federally-collected revenue in Q4 of 2019 settled at N2.6 trillion, which was lower than the quarterly budget of N3.76 trillion by 30.8 percent.

It also fell by 10.6 percent when compared with the receipt in the preceding quarter. The decline in federally-collected revenue (gross) relative to the quarterly budget, was attributed to shortfalls in both oil and non-oil revenues.Gross oil revenue, at N1.56 trillion or 60.1 percent of the total receipts, was below the quarterly budget by 35.3 percent, but above the receipt in the preceding quarter by 16.7 percent.

The decline in oil revenue relative to the quarterly budget was due to shortfalls in all its components, except domestic crude oil and gas sales.Non-oil revenue (gross) at N1.04 trillion fell below the quarterly budget of N1.34 trillion by 22.6 percent, as well as below the level in the preceding quarter by 33.9 percent.

ALSO READ:  N41bn fraud’: Elumelu gives senator 7-day ultimatum to apologise over false allegation.

The drop in non-oil revenue relative to the quarterly budget was due to the decline in receipt from all its components, except customs and excise duties. After the statutory deductions and transfers of N517.67 billion and N450.46 billion, respectively, a net sum of N1.63 trillion was retained in the Federation Account for distribution during the quarter.

Of this amount, the Federal Government received N786.35 billion; state and local governments received N398.85 billion and N307.49 billion, respectively, while the balance of N141.47 billion was transferred to the 13 percent Derivation Fund for distribution among the oil-producing states.

Additionally, the Federal Government received N41.46 billion, while the state and local governments received N138.22 billion and N96.75 billion, respectively, from the VAT Pool Account. Also, the sum of N8.7 billion was drawn-down from the Non-oil Excess Account and distributed among the Federal Government, N3.99 billion; state governments, N2.02 billion; local governments, N1.56 billion; and 13 percent Derivation Fund, N1.13 billion.

Similarly, N55.85 billion was shared as Exchange Gain, with the Federal Government getting N25.62 billion; state governments, N12.99 billion; local governments, N10.02 billion; and 13 percent Derivation Fund, N7.22 billion. Thus, the total statutory and VAT revenue allocation to the three tiers of government in the fourth quarter of 2019, amounted to N1.98 trillion, against the quarterly budget of N3.27 trillion.

ALSO READ:  How Umahi Mocked TV Journalist’s Traffic Incident

At N701.90 billion, the total allocation to state governments from the Federation Account, including the 13 percent Derivation Fund and VAT Pool Account, was lower than the quarterly budget by 40.4 percent. A breakdown of the revenue flows to the states showed that receipts from the Federation Account was N563.69 billion (80.3 percent), while the share from VAT stood at N138.22 billion (19.7 percent).

The receipts from the Federation and VAT Pool accounts fell below the quarterly budget estimate by 42.1 percent and 32.5 percent, respectively.On the other hand, total allocations to local governments from the Federation and VAT Pool accounts in the fourth quarter of 2019 stood at N415.82 billion and were also, below the quarterly budget by 38.3 percent.

Of the total amount, allocation from the Federation Account was N319.07 billion, representing 76.7 percent of the total receipts, while the VAT Pool Account stood at N96.75 billion, representing 23.3 percent.

Related

Previous Post

US Visa ban against Nigerians Was Miss Conceived- Lai Mohammed

Next Post

Yahaya Bello takes oath of office, urges support

admin

admin

Next Post
Christmas: Sen Orji Uzor Kalu greets Nigerians

Yahaya Bello takes oath of office, urges support

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result

Recent Posts

  • President Buhari Suspends 5% Tax Levy On Telecom Sector
  • My Suspension By Ayu Last Kick Of A Dead Horse — Fayose
  • Watch moment Ayo Fayose And Oseni Rufai Clashed On Arise TV
  • Police Bust Syndicate Kidnapping Children In Niger, Arrest Three Suspects
  • Polls: Anti-tinubu Protesters Ground Abuja, Demand Interim Govt, Fresh Polls

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019

Categories

  • Biafra
  • Business
  • Education
  • Entertainment
  • Gossips
  • Health
  • Lifestyle
  • News
  • Politics
  • Religion
  • Sports
  • Tech
  • World
Chrysora Media

Chrysora.com.ng is a solely independent news organization owned by Obiagwu Chrys Munachim

We are non-partisan.

We are proud of what we report here because we don’t attach any political, religious, or any form of criticisms to our reports

We aim at bringing to your door step undiluted and uncompromising news, accurate and verifiable.

Chrysora.com.ng reaches an influential audience of approximately two million readers each month in many countries and territories.

We attend to varieties of individuals regardless of the class.

Follow Us

Browse by Category

  • Biafra
  • Business
  • Education
  • Entertainment
  • Gossips
  • Health
  • Lifestyle
  • News
  • Politics
  • Religion
  • Sports
  • Tech
  • World

Recent News

President Buhari Suspends 5% Tax Levy On Telecom Sector

President Buhari Suspends 5% Tax Levy On Telecom Sector

March 23, 2023
My Suspension By Ayu Last Kick Of A Dead Horse — Fayose

My Suspension By Ayu Last Kick Of A Dead Horse — Fayose

March 23, 2023
  • About
  • Contact
  • Advertise
  • Privacy Policy
  • Home

© 2022 Chrysora.com.ng - Designed by Freedom Isaac.

No Result
View All Result
  • News
  • Entertainment
  • Sports
  • Politics
  • Education
  • Business
  • Tech
  • Health
  • Gossips
  • World
  • Lifestyle
  • Biafra
  • Religion

© 2022 Chrysora.com.ng - Designed by Freedom Isaac.