Wednesday, January 10, 2018 /08:52AM /
the 12 months through to September 2017, gross flows into the federation
account amounted to N3.51trn from oil revenue and N2.63trn from non-oil
revenue. Over the period, oil revenue was the higher of the two in ten months,
and non-oil revenue in just two. The gap was smaller in 2016 (calendar year):
oil at N2.70trn and non-oil at N2.24trn.
widened in the more recent period because the recovery in oil output pushed up
oil revenues considerably in July, August and September (see chart). Diplomacy
in the Niger Delta has paid off for the FGN.
conclusion should be drawn from the monthly payouts by the Federation Account
Allocation Committee, of which the latest covers the distribution of revenues
collected in November. The increase since mid-year is largely attributable to
the improvement in average crude output, to 1.87 mbpd in Q2 2017 and 2.03 mbpd
The CBN data
captured in the chart are not to be confused with FGN revenue collection, which
the Medium Term Expenditure Framework 2018-20 projects at N5.65trn for