FG records N1.46t deficit in Q1

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Gross federally-collected revenue fell by 36 per cent or N1.46tn below the quarterly budget estimate in the first quarter of 2020.

The Central Bank of Nigeria announced this in its quarterly report titled “Federation account operations

The report said, “At N2.53tn, federally-collected revenue, in the first quarter of 2020, was lower than the quarterly budget estimate of N3.95tn by 36 per cent.

Godwin Emefiele, CBN governor

Gross oil receipt, at N1.52tn or 60.3 per cent of the total revenue, was below the quarterly budget estimate and the receipt in the preceding quarter by 31.2 per cent and 2.6 per cent respectively.

The decline in oil revenue, relative to the quarterly budget estimate, was due to shortfall in receipt from PPT and royalties.

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