The Federal Government recorded a deficit of N46.40 billion in its fiscal operations for the third quarter of 2014, compared to a N122.41 billion deficit recorded in the second quarter of 2014.

The deficit, according to the Central Bank of Nigeria, CBN, in its Economic Report for the Third Quarter of 2014, released yesterday, was as a result of a shortfall in receipts in the quarter.

Specifically, the Federal Government recorded retained revenue of N924.7 billion and an expenditure of N971.1 billion.

The CBN said: “Non-oil receipts, at N961.98 billion, were higher than the budget estimate and the receipts in the preceding quarter by 3.7 and 17.6 per cent, respectively. Federal Government retained revenue was N924.67 billion, while total expenditure was N971.07 billion.

“Thus, the fiscal operations of the Federal Government resulted in an estimated deficit of N46.40 billion, or 0.2 per cent of the estimated GDP for the third quarter of 2014, compared with N122.41 billion in the preceding quarter and proportionate quarterly budget estimate of N241.05 billion.”

The CBN report put total federally-collected revenue at N2.685 trillion, representing an increase of 2.7 per cent above the receipts in the second quarter of 2014, adding, however, that it was a decline of 1.2 per cent below the proportionate quarterly budgeted estimate.

Oil revenue stood at N1.723 trillion, dropping by 3.92 per cent from N1.8 trillion recorded in the second quarter of 2014, while non-oil revenue stood at N961.98 billion, rising by 17.6 per cent from N817.77 billion recorded in the second quarter of 2014.

Revenue from the oil sector, despite dropping below the proportionate budget estimate and the level in the preceding quarter by 3.8 and 4.0 per cent, respectively, according to the report, accounted for 64.2 per cent of the total Federal Government revenue.

From Vanguard