The Central Bank of Nigeria says significant growth in non-oil tax receipts in April, prompted by the gradual return of business activities to pre-COVID-19 levels, led to a 28.2 per cent increase in the federal government’s revenue, relative to the preceding month, raising the government’s revenue to N1.106 trillion.
The CBN in its monthly economic report for April posted on its website reveals that at N1.106 trillion, the federation receipt in April 2021 outpaced both the budget benchmark and collections in March 2021 by 28.2 per cent and 7.9 per cent, respectively.
The report attributed the diminished share of oil to the meagre remittance of N3.79 billion from crude oil and gas exports, compared with N52.50 billion in the 2021 budget estimate.
The Central Bank of Nigeria says significant growth in non-oil tax receipts in April, prompted by the gradual return of business activities to pre-COVID-19 levels, led to a 28.2 per cent increase in the federal government’s revenue, relative to the preceding month, raising the government’s revenue to N1.106 trillion.
The CBN in its monthly economic report for April posted on its website reveals that at N1.106 trillion, the federation receipt in April 2021 outpaced both the budget benchmark and collections in March 2021 by 28.2 per cent and 7.9 per cent, respectively.
The report attributed the diminished share of oil to the meagre remittance of N3.79 billion from crude oil and gas exports, compared with N52.50 billion in the 2021 budget estimate.
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