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FG Records 38.4% Drop in Revenue

By Dipo Olowookere

In the month of October, the revenue collected by federal government depreciated by 38.4 percent or by N66.51 billion.

In its Economic Report October 2018, the Central Bank of Nigeria (CBN) said “Federally-collected revenue (gross) was estimated at N682.06 billion in October 2018.

“This was below the monthly budget estimate and receipts in the preceding month by 38.4 percent and 18.0 percent, respectively.”

The report further said, “Oil and non-oil receipts (gross), at N422.13 billion and N259.93 billion in the review period, constituted 61.9 percent and 38.1 percent of total revenue, respectively.

“Federal Government retained revenue and estimated expenditure for October 2018 were N280.96 billion and N347.48 billion, respectively, resulting in an estimated deficit of N66.51 billion.”

The report also said domestic crude oil production was estimated at 1.88 mbd or 58.3 million barrels (mb) in October 2018, with the crude oil export estimated at 1.39 mbd or 43.1 mb.

The average spot price of Nigeria’s reference crude oil, the Bonny Light (37° API), rose by 2.9 percent to $82.82 per barrel in October 2018.

“The end-period headline inflation, on year-on-year and twelve-month moving average bases, were 11.26 percent and 12.80 percent, respectively, in October 2018, compared with 11.28 percent and 13.16 percent, respectively, in September 2018,” it added. According to the report, the average exchange rate of the naira at the inter-bank, the BDC segment and the Investors and Exporters window were N306.47/$, N360.38/$ and N364.16/$, respectively, in October 2018, with the gross external reserves at $40.61 billion at end-October 2018, compared with $42.61 billion at end-September 2018.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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