Fed Govt’s Revenue Hits N658.6 Billion

The gross Federally-collected revenue stood at N658.60 billion, the Central Bank of Nigeria (CBN) Economic report, has said.

The figure, which was for last November, showed it fell below both the monthly budget estimate and the receipts in the preceding month.

Oil and non-oil receipts (gross), stood at N417.74 billion and N240.85 billion, and constituted 63.4 per cent and 36.6 per cent of total revenue.

The government retained revenue and estimated expenditure for the month were N207.91 billion and N293.38 billion, resulting in an estimated deficit of N85.47 billion.

Sustained non-expansionary monetary policy stance by the CBN in the review month led to contraction in major monetary aggregates and downward trend in inflationary pressure.

On month-on-month basis, broad money supply (M2), fell by 0.8 per cent to N22.3 billion, on account of the three per cent and 1.6 per cent decline in domestic credit (net) and other assets (net) of the banking system.

The average prime and maximum lending rates fell to 17.77 per cent and 30.95 per cent.

Consequently, the spread between the average term deposit and the average maximum lending rates narrowed to 22.25 percentage points at end-November 2017 from 22.43 percentage points in the preceding month. Also, the spread between the average savings deposit and maximum lending rates declined to 26.43 percentage points from 26.85 percentage points in last October.