The Federal Government recorded a revenue shortfall of N307.49bn from July to October last year, according to data obtained from the Central Bank of Nigeria’s latest economic reports.
The report said the federation revenue improved in the third quarter of 2021 as a result of a sustained uptick in economic activities and crude oil prices.
It said, “Total federation receipts in the third quarter of 2021 at N2.85tn exceeded the level in the second quarter of 2021 by 11.5 per cent. However, it was below the quarterly benchmark of N3.07tn by 7.3 per cent.
“Propelled by improved oil revenue inflow, arising from strong oil market fundamentals in the preceding months, federally-collected revenue in October 2021 rose relative to September 2021.”
The report said federation revenue rose to N942.31bn from N854.31bn in September but fell short of the proportionate benchmark of N1.02tn by eight per cent.
It said non-oil revenue accounted for 50.3 per cent of total federation revenue, while oil revenue made up the balance of 49.7 per cent.
“This closely compares with the 50.6:49.4 non-oil-oil revenue mix envisaged in the 2021 Appropriation Act,” the report said