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FG Records N725bn Deficit In First Quarter - Politics - Nairaland

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FG Records N1.064trn Half-year Revenue Shortfall / FG Records N193.22bn Deficit In April-CBN / FG Records N916bn Revenue Shortfall (2) (3) (4)

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FG Records N725bn Deficit In First Quarter by maximunimpact(m): 2:05am On Jun 14, 2016
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/
Re: FG Records N725bn Deficit In First Quarter by TPAND(f): 5:17am On Jun 14, 2016
So happy to hear that non-oil earnings has increased by a drastic 38%

9 Likes 2 Shares

Re: FG Records N725bn Deficit In First Quarter by ibez007(m): 5:21am On Jun 14, 2016
cyberguy72:
La click la bend
tell him!..

Buh,


Wetin again sef?!.


Una no wan im rest?!..
Re: FG Records N725bn Deficit In First Quarter by Nobody: 7:07am On Jun 14, 2016
Serious Magana. How second quarter go come be?

1 Like

Re: FG Records N725bn Deficit In First Quarter by Validated: 7:34am On Jun 14, 2016
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.

22 Likes

Re: FG Records N725bn Deficit In First Quarter by omolola15(m): 8:02am On Jun 14, 2016
Ok
Re: FG Records N725bn Deficit In First Quarter by tuoyoojo(m): 8:02am On Jun 14, 2016
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

2 Likes

Re: FG Records N725bn Deficit In First Quarter by McKc22(m): 8:02am On Jun 14, 2016
K
Re: FG Records N725bn Deficit In First Quarter by daveyjay(m): 8:03am On Jun 14, 2016
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??!

4 Likes

Re: FG Records N725bn Deficit In First Quarter by Emmanuel950(m): 8:03am On Jun 14, 2016
Onwebedi ihe ha fuuuu...

1 Like

Re: FG Records N725bn Deficit In First Quarter by NigerDeltan(m): 8:03am On Jun 14, 2016
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?

11 Likes

Re: FG Records N725bn Deficit In First Quarter by UjGina: 8:04am On Jun 14, 2016
And buhari keep wasting our money on his fruitless travelling and medical tourism

3 Likes

Re: FG Records N725bn Deficit In First Quarter by bonechamberlain(m): 8:05am On Jun 14, 2016
There is trouble in Nigeria, caused by buhari

3 Likes

Re: FG Records N725bn Deficit In First Quarter by Nobody: 8:06am On Jun 14, 2016
Who e eep

1 Like

Re: FG Records N725bn Deficit In First Quarter by Nobody: 8:08am On Jun 14, 2016
McKc22:
K
omolola15:
Ok
NigerDeltan:
T
Weldon ooo I dey see una hand work
Re: FG Records N725bn Deficit In First Quarter by lorbah001(m): 8:08am On Jun 14, 2016
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

6 Likes 1 Share

Re: FG Records N725bn Deficit In First Quarter by tajuhyena: 8:08am On Jun 14, 2016
There is still hope in this country,i beleive that....
Re: FG Records N725bn Deficit In First Quarter by carreport(m): 8:09am On Jun 14, 2016
Avengers
Re: FG Records N725bn Deficit In First Quarter by clefstone(m): 8:09am On Jun 14, 2016
Do we hv a govt?

2 Likes

Re: FG Records N725bn Deficit In First Quarter by truthspeaks: 8:12am On Jun 14, 2016
Our financial secretary (kemi adeosun) pls take note

1 Like

Re: FG Records N725bn Deficit In First Quarter by Femich18(m): 8:12am On Jun 14, 2016
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

1 Like

Re: FG Records N725bn Deficit In First Quarter by omolola15(m): 8:12am On Jun 14, 2016
Vshock:
Weldon ooo I dey see una hand work


Abi na. Making I buy 1 plot then go read the news. grin
Re: FG Records N725bn Deficit In First Quarter by bondingman: 8:12am On Jun 14, 2016
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!
Re: FG Records N725bn Deficit In First Quarter by pelumzy007(m): 8:13am On Jun 14, 2016
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.

1 Like

Re: FG Records N725bn Deficit In First Quarter by Nobody: 8:14am On Jun 14, 2016
omolola15:



Abi na. Making I buy 1 plot then go read the news. grin
abi oo naim make una block space for we wey don read am finish
Re: FG Records N725bn Deficit In First Quarter by truthspeaks: 8:16am On Jun 14, 2016
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!

2 Likes

Re: FG Records N725bn Deficit In First Quarter by tayor01(m): 8:19am On Jun 14, 2016
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

1 Like

Re: FG Records N725bn Deficit In First Quarter by dayoungmoney1: 8:19am On Jun 14, 2016
#TrueFederalismIsTheSolution
Re: FG Records N725bn Deficit In First Quarter by IkpuMmadu: 8:25am On Jun 14, 2016
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

1 Like

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