Non-oil export earnings decline 41.5% as FG revenue falls 22.3%

Federally-collected revenue stood at N2.201 trillion fourth quarter of 2013, declining by 22.3 percent below the quarterly budget estimate and 19.8 percent below the level in the preceding quarter.

This is due to the fall in both oil and non-oil revenue, the Central Bank of Nigeria (CBN) said on Tuesday.

Relative to the level in the corresponding quarter of 2012, total federally-collected revenue fell by 10.5 percent.

The CBN’s Economic Report for fourth quarter 2013 released on Tuesday shows that at N1.538 trillion, gross oil receipts, which constituted 69.9 percent of the total, fell below the proportionate budget estimate and the level in the preceding quarter by 20.4 percent and 5.2percent, respectively.

The development relative to the preceding quarter was attributed to the decline in crude oil and gas exports during the review quarter.

Total non-oil export earnings by Nigerian exporters during the fourth quarter of 2013 stood at US$1.54billion, indicating a decline of 41.5 percent below the level in the preceding quarter, but an increase of 56.1 percent above the level in the corresponding quarter of 2012. The development relative to the preceding quarter was attributed, largely, to the decline in foreign exchange receipts from all sectors.

A breakdown of the proceeds showed that agricultural products, industrial sector, manufactured products, minerals and food products earned US$675.45million, US$475.32million, US$323.60million, US$42.46million, and US$26.91million respectively.

The shares of agricultural products, industrial, manufactured products, minerals and food products in non-oil export proceeds were 43.8,30.7percent, 210, 2.8percent and 17 percent, respectively.

Non-oil receipts (gross) at N663.53billion (30.1 percent of the total), was below both the proportionate budget estimate and the level in the preceding quarter by 26.4 percent and 41.0percent, respectively.

The decline in non-oil revenue relative to the preceding quarter was due to the fall in receipts from components of the non-oil revenue, except customs and excise duties as well as VAT.