Nigeria: Revenue From Rises by 4.3% in Second Quarter of 2014

According to reports, revenue derived as a result of oil production and sale for the second quarter of the year in Nigeria is N2.602tn, an increase of 4.3% with respect to the first quarter. This figure is however 4.3% lower than the expected revenue to be generated from the sector.

Excerpt from Premium Times:

Total federally collected revenue for the second quarter of 2014 stood at N2.602 trillion, representing an increase of 4.3 per cent above the N2.496trillion received in the first quarter of the year.

The figure however showed a decline of 4.3 per cent below the proportionate quarterly budgeted estimate. At N1.796 trillion, gross oil revenue receipts, which accounted for 69 per cent, exceeded the proportionate budget estimate marginally by 0.2 per cent.

It however fell by 0.7 per cent below N1.809 trillion received in the preceding quarter. The increase in oil receipt relative to the proportionate budget estimate was attributed largely to the rise in the other oil revenue during the review period.

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