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zainab Ahmed

Nigeria earns N2.29 trln revenue from oil export in 6-month, Finmin

By on October 7, 2020 0 117 Views

Nigeria earned a total of N2.29 trillion revenue from oil revenue in the first six months of the year, 51.55 percent higher than the N1.51 trillion projected for the period, the ministry of finance and budget has said.

Revenue from the non-oil sector, however, was short of the total projection for the period under the revised 2020 budget, the ministry said in a document on the performance of the 2020 revised budget.

The report showed that Nigeria earned gross non-oil revenue of N1.755 trillion in the first half of 2020 signified a shortfall of N817.86 billion or 31.79 percent below the half year’s estimate of N2.57 trillion.

“A breakdown of the non-oil revenue items showed that all the non-oil revenue items were below their corresponding
estimates.

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“The net distributable revenue stood at ₦3,319.40 billion in the first half of 2020, representing a shortfall of ₦129.97 billion (3.77 percent),” the budget implementation report for first half of the year stated.

The government was able to release a total of N460.98 billion for capital projects for the period under review despite the outbreak of coronavirus in the period.

Total expenditure of Government in the half year of 2020 stood at N4.918 trillion representing N68.64 billion (1.38 percent) shortfall from the N4.98 trillion projected for the review period.

The report, however, stated that the amount was N1.53 trillion or 45.08 percent higher than the actual expenditure of N3.39 trillion recorded in the first half of 2019.

A total of ₦2.16 trillion was spent on non-debt recurrent expenditure in the first half of 2020 representing a decrease of ₦305.87 billion (12.38 percent) from the half year estimate of ₦2,471.14 billion. It was however above the non-debt recurrent expenditure of ₦2,050.86 billion spent as at half year of 2019 by ₦114.41 billion
(5.58 percent).
Statutory Transfers amounts to ₦280.24 billion during the review period. Total Debt Service in the half year of 2020 stood at ₦1.10 trillion indicating a decrease of N234.04 billion (17.47 percent) from the ₦1,339.41 billion projected for the half year period. The sum of ₦853.61 billion was used for domestic debt servicing while ₦251.76 billion was spent for external debt servicing during the period under review.

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