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FG Collects N1.712 Trillion Total Revenue

Total revenue collected by federal government in the second quarter of this year stood at N1.712 trillion.

The economic report for the second quarter of 2010 posted on website of the Central Bank of Nigeria (CBN) showed that the federally-collected revenue within the last six months of this year recorded a shortfall of 14.9 per cent relative to the proportionate budget provisions, but an increase of 10.9 and 63.8 percent over the receipts in the preceding quarter and the corresponding quarter of 2009, respectively.

The CBN attributed the decline in oil receipts relative to the proportionate budget estimate to the fall in receipts from crude oil and gas exports, as well as petroleum profit tax and royalties.

It said that the fall relative to the proportionate budget estimate reflected largely the decline in company income tax, customs and excise duties, customs special levies and independent revenue of the federal government.

The apex bank however said that of the gross federally-collected revenue during the review quarter, the sum of N938.12 billion (after accounting for all deductions and transfers) was transferred to the federation account for distribution among the three tiers of government and the 13.0 per cent derivation fund.

The report indicated that the federal government received N439.96 billion, while the state and local governments received N223.15 billion and N172.04 billion, respectively.

It said that the balance of N102.95 billion went to the 13.0 percent derivation fund for distribution by the oil-producing states.

To bridge the shortfall in revenue for the period, it said that the sum of N362.37 billion was drawn from the excess crude account as budget augmentation and shared to federal government (N166.08 billion), state governments (N84.24 billion), local governments (N64.94 billion) and oil-producing states (N47.11 billion).