Nigeria post 105.47 bln naira budget deficit in Jan

Nigeria's finmin, Okonjo-Iweala

Nigeria posted a budget deficit of 105.47 billion naira at the end of January, compared with 73.92 billion naira in the same period last year, the central bank said on Thursday.
The bank's economic report showed estimated federally collected revenue in January at N674.7
billion naira, a decline of 12.8 percent compared with the same period of last year.
The decline relative to receipts in the corresponding period of 2013 was attributed to the decline in gross oil revenue during the review period.  Nigeria's earning from oil stood at 474.40 billion naira, oil receipts  which constituted 70.3 per cent of the total revenue, was lower than the receipts in the preceding month and the corresponding period of 2013, by 3.3 and 19.8 per cent, respectively.
"The fall in oil receipts relative to receipts in the preceding month, was attributed to the decline in receipts from Petroleum Profit Tax (PPT) and Royalties Non-oil receipts (gross), at N200.27 billion or 29.7 per
cent of the total, was 11.7 per cent lower than the receipts in the preceding month. Relative to the
corresponding month of 2013, non-oil receipts, however, rose by 10.1 per cent," the central bank said in the report.
 The decline in non-oil revenue relative to the preceding month reflected, largely, the lower receipts from Corporate Tax and VAT during the review month.
Of the federally-collected revenue, the sum of 468.28 billion naira (after all deductions and transfers) was transferred to the Federation Account for distribution among the three tiers of government and the 13.0% Derivation Fund. The Federal Government received N221.16 billion, while the state and local governments received N112.18 billion and N86.48 billion, respectively.
The balance of 48.46 billion naira was credited to the 13.0 percent Derivation Fund for sharing by the oil-producing states.
From the VAT Pool Account, the Federal Government received 9.32 billion naira, while the state and local
governments received 31.07 billion naira and 21.75 billion naira, respectively. Overall, the total allocation to the three tiers of government from the Federation and VAT Pool Accounts in the month amounted to N573.58 billion.
At 262.88 billion naira, the estimated Federal Government retained revenue for January 2014 was lower than the receipts in the preceding period by 10.5 per cent, but exceeded the receipts in the corresponding period of 2013 by 0.4 per cent. Of the total amount, the Federation Account accounted for 84.1 per cent, while SURE-P, FGN Independent Revenue and VAT Pool Accounts, accounted for 6.2, 6.2 and 3.5 per cent, respectively.
At N368.35 billion, total estimated expenditure for January 2014 was lower than the provisional monthly budget estimate by 23.7 per cent, but was above the level in the preceding period of December 2013 by 10.0 per cent. A breakdown of total expenditure showed that the recurrent expenditure accounted for 71.2 per cent, while the capital expenditure and the transfer components accounted for the balance of 23.5 and 5.3 per cent, respectively. Non-debt-obligations accounted for 76.5 per cent of the total recurrent
expenditure, while debt service payments accounted for the balance of 23.5 per cent