THE Federal Government collected gross revenue of N985.80 billion in July, representing an increase of 28.6 and 22.1 per cent above the receipts in the preceding month and the 2012 provisional monthly budget estimate, respectively.

According to the Central Bank of Nigeria (CBN) Economic Report for the month of July, made available on its website on Thursday, at N632.58 billion, gross oil receipts exceeded both the receipts in the preceding month and the provisional monthly budget estimate.

Non-oil receipts, at N353.22 billion, 35.8 per cent of the gross federally collected revenue, was 89.2 and 38.7 per cent higher than the receipts in the preceding month and the provisional monthly budget estimates, respectively.

It said an increase in non-oil revenue relative to the preceding month’s level reflected, largely, the rise in corporate tax, customs and excise duties, educational tax and customs special levies.

The Federal Government estimated retained revenue in July 2012 was N254.94 billion, while total estimated expenditure was N372.08 billion.

Thus, the fiscal operations of the Federal Government resulted in an estimated deficit of N117.14 billion, as against the estimated monthly budget deficit of N94.68 billion.

During the month under review, foreign exchange inflow and outflow through the CBN were $3.34 billion and $2.93 billion, respectively, resulting in a net inflow of $0.41 billion.

Foreign exchange sales by the CBN to the authorised dealers amounted to $2.64 billion, showing a decline of 38.8 per cent below the level in the preceding month.

Relative to the level in the previous month, the average Naira exchange rate vis-à-vis the US dollar appreciated in all the segments, including the Wholesale Dutch Auction System ((WDAS), interbank and bureaux-de-change segments of the foreign exchange market.

Non-oil export receipts increased marginally by 0.7 per cent above the level in the preceding month, as the development was attributed, largely, to the increase in export earnings from the agricultural products and minerals sub-sectors.

According to the report, the dominant agricultural activities in July were post-planting and harvesting of vegetables in the southern states and harvesting of crops such as maize and vegetables in the northern states.

Crude oil production, including condensates and natural gas liquids in April, was estimated at 2.23 million barrels per day or 69.13 million barrels for the month, while crude oil export was estimated at 1.78 million barrels per day or 55.18 million barrels during the month.

The average price of Nigeria’s reference crude, the Bonny Light, was estimated at $103.99 per barrel, indicating an increase of 10.7 per cent above the level in the preceding month.

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