The Federal Government recorded a deficit of N725.18 billion in its fiscal operations in the first quarter of 2016, according to data released yesterday by the Central Bank of Nigeria, CBN. Nigeria also earned $1.02 billion from its non-oil exports during the period, and this represents an increase of 38.6 percent or $393.7 million (N78.7bn) over the amount earned in the same period of 2015.

The CBN, in its Economic Report for the First Quarter of 2016, attributed the deficit to an expenditure of N1.23 trillion, over retained earnings of N505.1 billion in the period under review. The deficit, the report said, was a result of a decline in oil and non-oil revenues and a rise in capital expenditure in the quarter under review.

The dip in oil earnings was attributed to a sharp drop in oil and gas export, low price of crude oil in the international market and the persistent disruption in petroleum export due to vandalism and production shut-ins.

According to the report, the estimated fiscal deficit of N725.18 billion indicated an increase of 178.6 percent above the 2015 provisional quarterly budget deficit of N260.25 billion. The CBN also stated that the Federal Government’s expenditure for the first quarter was 3.4 percent higher than the provisional quarterly budget estimate, but was below level in the fourth quarter of 2015 by 20.3 percent.

Specifically, breakdown of total expenditure showed that recurrent expenditure accounted for 72.8 percent of the total, while capital and statutory transfers accounted for 18 and 9.2 percent, respectively.

In the recurrent expenditure aspect, the report noted that non-debt component accounted for 72.7 percent, while debt service payments accounted for the balance of 27.3 percent. Using provisional data, CBN further stated that the Federal Government’s retained revenue for the first quarter of 2016, of N505.07 billion was below the receipts in the fourth quarter of 2015 by 37.5 percent.

Giving a breakdown of government’s total revenue, the report disclosed that Federation Account accounted for 81.6 percent of the total, while Independent Revenue, Value Added Tax, VAT, and others, comprising the Nigerian National Petroleum Corporation, NNPC’s Refund and Exchange Gain, accounted for 8.0, 5.6 and 4.8 percent, respectively.

http://www.financialwatchngr.com/2016/06/14/fg-records-n725bn-deficit-first-quarter/

So happy to hear that non-oil earnings has increased by a drastic 38%

cyberguy72:
La click la bend

tell him!..

Buh,


Wetin again sef?!.


Una no wan im rest?!..

Serious Magana. How second quarter go come be?

abuayman:
Serious Magana. How second quarter go come be?

Your guess is as good as mine, Just double that number. First quarter did not experience NDA attack, yet a deficit if N725B was recorded. Be sure that Qtr. 2 would be a total mess.

Ok

Nigeria works best under pressure. it's would be worth while to see our dependence is taken off oil.

the faster we do the better for us

K

An increase in non-oil revenue...hmmm probably from aqriculture! This northerners are usinq our heads oh! The federal qovernment keep tellinq us about diversifyinq the economy and they project huqe capital into the aqricultural sector! The aqric sector of Niqeria is the NORTH, so they want to use national revenue to develop the north them later seek freedom from Niqeria...who's deceivinq who??!

Onwebedi ihe ha fuuuu...

The CBN, in its Economic Report for the First Quarter of 2016, attributed the deficit to an expenditure of N1.23 trillion, over retained earnings of N505.1 billion in the period under review. The deficit, the report said, was a result of a decline in oil and non-oil revenues and a rise in capital expenditure in the quarter under review.

I stop reading the moment i saw this
Which capital expenditure please?

And buhari keep wasting our money on his fruitless travelling and medical tourism

There is trouble in Nigeria, caused by buhari

Who e eep

McKc22:
K

omolola15:
Ok

NigerDeltan:
T

Weldon ooo I dey see una hand work

bonechamberlain:
There is trouble in Nigeria, caused by buhari

Do you guys read @all

*The dip in oil earnings was attributed
to a sharp drop in oil and gas export,
low price of crude oil in the
international market and the
persistent disruption in petroleum
export due to vandalism and
production shut-ins*


Kudos to this administration

*Nigeria also earned
$1.02 billion from its non-oil exports
during the period, and this represents
an increase of 38.6 percent or $393.7
million (N78.7bn) over the amount
earned in the same period of 2015*

#i believe buhari means well for this nation

There is still hope in this country,i beleive that....

Avengers

Do we hv a govt?

Our financial secretary (kemi adeosun) pls take note

Wetin concern me with oil revenue. I'm concerned with the non oil revenue and I'm very glad we had a increase in that...That is the way forward

Vshock:
Weldon ooo I dey see una hand work

Abi na. Making I buy 1 plot then go read the news.

N725.18 billion deficit in 1st quarter of 2016.
So we may be looking at ~N 3 trillion deficit in 2016 fiscal year!
Sad, very sad!

daveyjay:
An increase in non-oil revenue...hmmm probably from aqriculture! This northerners are usinq our heads oh! The federal qovernment keep tellinq us about diversifyinq the economy and they project huqe capital into the aqricultural sector! The aqric sector of Niqeria is the NORTH, so they want to use national revenue to develop the north them later seek freedom from Niqeria...who's deceivinq who??!

God help my country Nigeria.... We can't continue to have tribalistic biggots like this.

omolola15:



Abi na. Making I buy 1 plot then go read the news.

abi oo naim make una block space for we wey don read am finish

It can be averted if mu.mu.hari can apply wisdom n diplomacy in his dealings on d economy

bondingman:
N725.18 billion deficit in 1st quarter of 2016.
So we may be looking at ~N 3 trillion deficit in 2016 fiscal year!
Sad, very sad!

Pls b4 haters of dis govt start talkin rubbish read d whole report n nt jst d caption. Cos pple tend 2 jst read d caption of a story n make conclusion. If u av read d full report one would see dat d govt actually gained ground in some areas. Ma 2cents

#TrueFederalismIsTheSolution

And a man that didn't pass simple WAEC is the president .... what do you expect from a set of people that came via lies and propaganda


The honest truth is that we are in for a long thing....I told you guys last year

It pains me