Growth in the key monetary aggregate was moderate in the month of April 2012. On month-on-month basis, broad money (M2) rose marginally by 0.3 per cent, due largely to the 5.3per cent growth in foreign asset (net) of the banking system. Narrow money (M1) also grew by 2.2 per cent above the level at the end of the preceding month. Relative to the level at end-December 2011, M2, grew by 0.01 per cent, owing, largely, to the rise in foreign asset (net) of the banking system. Reserve money (RM) grew by 2.5 per cent from its level in the preceding month.
Available data indicated mixed developments in banks’ deposit and lending rates in April 2012. The spread between the weighted average term deposit and maximum lending rates widened by 0.42 percentage points to 16.48 per cent in April 2012. In contrast, the margin between the average savings deposit and maximum lending rates narrowed by 0.04 percentage points to 21.56 per cent at the end of the review month. The weighted average interbank call rate rose to 14.30 per cent from 14.13 per cent in the preceding month, reflecting the liquidity condition in the interbank funds market during the month.
The value of money market assets outstanding at end–April2012 was N5, 559.9 billion, showing an increase of 0.4 per cent, over the level at end-March 2012. The development was attributed to the increase of 1.2 per cent in the value of FGN Bonds outstanding. Activities on the Nigerian Stock Exchange (NSE) in April 2012 were mixed.
Gross federally-collected revenue in April 2012 was estimated at N899.94 billion, showing a decline of 11.2 per cent from the receipts in the preceding month, but exceeded the provisional monthly budget estimate of N807.71. At N730.91billion, gross oil receipts fell below the level in the preceding month. This was attributed largely, to the decline in receipts from oil/gas and non-oil exports.
Non-oil receipts, at N169.03 billion (18.8 per cent of the gross federally collected revenue), was 25.6 and 33.6 per cent lower than the receipts in the preceding month and the provisional monthly budget estimates, respectively. The decline relative to the preceding month’s level reflected, largely, the fall in independent revenue of the federal government. Federal Government estimated retained revenue in April 2012 was N242.97 billion, while total estimated expenditure was N209.47 billion. Thus, the fiscal operations of the Federal Government resulted in an estimated surplus of N33.49 billion, compared with the estimated monthly budget deficit of N109.68 billion.