Nigeria earns N5trn from oil in 11 months, as FG records N1.7trn deficit

Nigeria earned N5 trillion from oil in 11 months ending November 2019, representing 1.2 per cent decline, year-on-year, YoY, from N5.1 trillion earned in the same period of 2018.However, the total federally collected revenue rose by nine per cent YoY to N9.4 trillion during the 11 months ending November 2019, from N8.6 trillion in the same period of 2018.

The increase in federally collected revenue was driven by a 14 per cent increase, YoY, in non-oil revenue which rose to N4 trillion during the period from N3.5 trillion in the corresponding period of 2018.The above was disclosed by the Central Bank of Nigeria (CBN) in its just-released monthly an economic report covering the period.

Vanguard analysis of the report showed that the federal government’s retained revenue for the period rose by 12 per cent YoY, to N3.7 trillion from N3.3 trillion in the same period of 2018.

However, the federal government’s expenditure rose by 23 per cent to N5.4 trillion in the 11 months period from N4.4 trillion in the same period of 2018.

Consequently, the Federal Government recorded a deficit of N1.7 trillion in its fiscal operations in the 11 months under review.