Vunderkind
Social Member
The Central Bank of Nigeria (CBN) said that the federal government overspent by N105.47 billion in January due to decline in its revenue for the month.
This development was however due to decline in federally collected revenue which fell by 6.0 percent to N674.7 billion during the month.
The CBN disclosed this in its Economic Report for the month of January released on its website yesterday.
The report stated, “At N262.88 billion, the estimated Federal Government retained revenue for January 2014 was lower than the receipts in the preceding period by 10.5 percent, but exceeded the receipts in the corresponding period of 2013 by 0.4 per cent. Of the total amount, the Federation Account accounted for 84.1 per cent, while SURE-P, FGN Independent Revenue and VAT Pool Accounts, accounted for 6.2, 6.2 and 3.5 per cent, respectively.
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Source: Vanguard newspaper
This development was however due to decline in federally collected revenue which fell by 6.0 percent to N674.7 billion during the month.
The CBN disclosed this in its Economic Report for the month of January released on its website yesterday.
The report stated, “At N262.88 billion, the estimated Federal Government retained revenue for January 2014 was lower than the receipts in the preceding period by 10.5 percent, but exceeded the receipts in the corresponding period of 2013 by 0.4 per cent. Of the total amount, the Federation Account accounted for 84.1 per cent, while SURE-P, FGN Independent Revenue and VAT Pool Accounts, accounted for 6.2, 6.2 and 3.5 per cent, respectively.
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Source: Vanguard newspaper
