By OMODELE ADIGUN
The Federal Government revenue rode on the back of oil and company taxes as well as Value Added Tax (VAT) to hit almost N10 trillion in 11 months, the Central Bank of Nigeria (CBN) has said. According to the apex bank, in its monthly Economic Report for November 2012, the total federally collected revenue from January to November was estimated at N9,953.15 billion, reflecting an increase of 12 per cent over the budget estimate for the period. The report adds that oil receipts accounted for 75.7 per cent of the figure, while non-oil receipts accounted for the balance of 24.3 per cent.
For the month of November alone, the report states that the Federal Government raked in N841.56 billion, showing an increase of 4.2 and 3.8 per cent above the monthly budget estimate and the receipts in the preceding month respectively.
It adds: “The increase relative to the level in the preceding month was attributed to the rise in oil revenue during the review month . At N630.95 billion, gross oil receipts, which constituted 75 per cent of the total, exceeded both the receipts in the preceding month and the monthly budget estimate by 4 and 14.1 per cent, respectively.
The development relative to the preceding month was attributed, largely, to the increase in receipts from PPT[Petroleum Profits Tax] and royalties.” As for the non-oil revenue, it attributes its increase over the monthly budget estimate to the surge both in corporate tax and VAT collections.
It states: “At N210.61 billion, gross non-oil receipts constituted 25 per cent of the total and was 17.3 per cent below the receipts in the preceding month, but 3.2 per cent above the monthly budget estimate. The increase in non-oil revenue relative to the monthly budget estimate reflected, largely, the increase in corporate tax and VAT collections.”
Although the revenue figure for the 11-month period was lower than that of the same period in 2011, it , however, states that collection from oil sources still accounted for the lion share. The apex bank reports that “on cumulative basis, total federally collected revenue for the period January to November 2012 was estimated at N9,953.15 billion, reflecting an increase of 12 per cent over the budget estimate for the period, but declined by 2.5 per cent when compared with the level in the corresponding period of 2011.
Of this amount, oil receipts represented 75.7 per cent, while non-oil receipts accounted for the balance of 24.3 per cent.” Of the gross federally-collected revenue, the sum of N461.32 billion was transferred to the Federation Account for distribution among the three tiers of government and the 13 per cent Derivation Fund. The Federal Government received N218.65 billion, while the states and local governments received N110.90 billion and N85.50 billion respectively.
The balance of N46.26 billion went to the 13 per cent Derivation Fund for distribution by the oil-producing states. Also, the Federal Government received N9.33 billion from the VAT Pool Account, while the state and local governments received N31.09 billion and N21.76 billion respectively. Also the sum of N35.55 billion was distributed as the Subsidy Reinvestment and Empowerment Programme (SURE-P) among the three tiers of government and the 13 per cent Derivation Fund.
Out of the figure, the Federal Government got N16.29 billion, state governments received N8.26 billion, the local governments was allotted N6.37billion and 13 per cent Derivation Fund was allocated N4.62 billion. In addition, the NNPC Refund was shared and the state governments received N3.74 billion, the local governments got N2.88 billion and 13 per cent Derivation Fund was allotted N990 million.
On the statutory allocations to state governments, the Report explains that the total receipts by state governments, including the share of VAT and the 13 per cent Derivation stood at N205.87 billion in November. The breakdown showed that, at N31.09 billion, receipt from the VAT Pool Account was higher than the levels in the preceding month and corresponding period of 2011 by 15 and 25.4 per cent, respectively.
At N174.78 billion, state governments? receipt from the Federation Account fell below the level in the preceding month by 1.2 per cent, but exceeded the level in the corresponding month of 2011 by 16.3 per cent.