FG generated N2.4tn revenue in Q2 ' CBN

TheFederal Government of Nigeria collected N2.433tn revenue in the second quarter of 2011, exceeding its budget estimate for the period by 35.5 per cent, the Central Bank of Nigeria has said.According to the regulatory bank, the N2.433tn generated by the Federal Government from April to June this year was also higher than the revenue collected in the previous quarter, while it also surpassed what was generated in the equivalent period of 2010.Total federally-collected revenue in the second quarter of 2011 stood at N2,433.23bn, exceeding the proportionate budget estimate, the receipts in the preceding quarter and the receipts in the corresponding quarter of 2010 by 35.5, 2.6 and 41.3 per cent, respectively, the bank said.The apex bank in its second quarter report released recently, further noted that oil receipts which stood at N1.89tn, exceeded the proportionate budget estimate and the level in the corresponding quarter of 2010, by 51.9 and 46.8 per cent, respectively, but fell below the level in the preceding quarter by 2.2 per cent.The rise in oil receipts relative to the proportionate budget estimate was attributed, largely, to the increase in oil price in the international oil market.Nigerias crude oil production, including condensates and natural gas liquids, was estimated at 2.19 million barrels per day during the period, representing 199.29 million barrels for the quarter.Crude oil export was estimated at 1.74 million bpd or 158.34 million barrels for the quarter, while deliveries to the refineries for domestic consumption remained at 0.45mbd or 40.95 million barrels in the period.The apex financial institution noted that the average price of Nigerias reference crude, the Bonny Light, estimated at $120.83 per barrel, rose by 13.3 per cent over the level in the preceding quarter.Meanwhile, the CBN stressed that the FG retained revenue for the period under review was N734.98bn, while total expenditure was N912.5bn.Thus, the fiscal operations of the government resulted in an estimated deficit of N177.52bn or 2.2 per cent of estimated nominal GDP for the second quarter 2011, compared with the deficit of N286.61bn and N277.54bn for the preceding quarter and the corresponding quarter of 2010, respectively, the bank said.
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