The total federally collected revenue during the fourth quarter of 2014 declined by 17.4 percent to N2.3 trillion from N2.8 trillion in the preceding quarter, according to the Central Bank of Nigeria (CBN). It fell by 15.4 percent from N2.2 trillion when compared with the level in the proportionate quarterly budget estimate.
The development relative to the budget estimate was attributed to the decline in oil revenue. The CBN’s Economic Report for the fourth quarter of 2014 shows that gross oil receipts, which constituted 63.8 percent of the total, fell by 14.9 percent to N1.5 trillion below the N1.7 trillion receipts in the preceding quarter. It also fell below the proportionate budget estimate by 18.1 percent. The development relative to the budget estimate was attributed, largely, to the fall in crude oil and gas exports during the review quarter.
Non-oil receipts (gross) at N832.95 billion (36.2 percent of the total) was below the proportionate budget estimate by 10.2 percent. It also fell below the level in the third quarter of 2014 by 21.4 percent. The fall in non-oil revenue related to the proportionate budget estimate was due, largely, to the decline in corporate tax during the review quarter.
According to the report, of the gross federally collected revenue during the review quarter, the sum of N1.342 trillion (net 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 N638.38 billion, while the state and local governments received N323.79 billion and N249.63 billion, respectively. The balance of N131.0 billion went to the 13.0% derivation fund for distribution among the oil-producing states. Also, the Federal Government received N27.77 billion from the VAT Pool Account, while the state and local governments received N92.58 billion and N64.81 billion, respectively.
Furthermore, the sum of N2.77 billion, being distribution from excess crude, was shared among the three tiers of governments as follows: Federal Government, N1.27 billion; state governments, N0.64 billion, and local governments, N0.50 billion and 13 percent derivation fund, N0.36 billion.
