FG’s revenue hits N1.02trn

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… We’re not involved in export permit racket – NNPC


The Central Bank of Nigeria has disclosed that the total federally-collected revenue in the month of August stood at N1.021 trillion, representing an increase of 26.4 per cent, compared with the monthly budget estimate of N751 billion. The bank in its monthly Economic for August said the figure was 3.6 per cent above the receipts for the preceding month.

This increase, the apex bank hinted was relative to the level in the preceding month, which was attributed to the rise in oil revenue during the review month. According to the report, at N749.11 billion, gross oil receipts, which constituted 73.4 per cent of the total revenue, exceeded both the receipts in the preceding month and the monthly budget estimate by 18.4 and 35.5 per cent, respectively, and this was largely due to the increase in receipts from all the components.

The report further explained that “At N271.99 billion, gross non-oil receipts, constituted 26.6 per cent of the total and was 23 and 6.8 per cent below the receipts in the preceding month and the monthly budget estimate, respectively. The decline in non-oil revenue relative to the receipts in the preceding month reflected, largely, the decline in corporate tax, customs/excise duties and the independent revenue of the federal government.”

It added: “On cumulative basis, total federally collected revenue for the period January to August 2012 was estimated at N7.584 trillion, reflecting an increase of 17.4 per cent and 9.3 per cent over the budget estimate for the period and the receipts in the corresponding period of 2011, respectively. Of this amount, oil receipts represented 75.7 per cent, while non-oil receipts accounted for the balance of 24.3 per cent.”

Meanwhile, controversies surrounding persistent fuel scarcity across the country continue to rage without cogent reasons from government, the management of Nigerian National Petroleum Corporation (NNPC) has dissociated the corporation from allegations of exporting crude oil using forged export clearance permit. NNPC in a statement in Abuja Wednesday signed by the Acting Group General Manager, Group Public Affairs Division, Mr. Fidel Pepple, denied involvement in any import permit racket stating that: “We neither have knowledge of the alleged forged export permit nor its origin to warrant being linked with it as was speculated by media reports.

Pepple explained that all crude oil and gas exports carried out by NNPC usually follow a rigid and established guideline which requires the corporation to apply to the Department of Petroleum Resources for Export Clearance Forms that are duly completed and returned to the DPR for processing and onward submission to Federal Ministry of Trade and Investment. It noted that upon satisfactory assessment, the DPR issues Export Permit Certificates to the exporters, copies of which are sent to the Federal Ministry of Petroleum Resources and the Nigerian Customs Service before export transaction is consummated.

“We have always and continued to follow existing requirements for exporting crude oil and gas from the country. The process is complex and involves the Ministry of Trade and Investment, the Ministry of Petroleum Resources, the DPR and the Nigerian Customs Service. NNPC is not the issuing authority for export permit certificates. It is therefore appalling for anyone to link NNPC with originating a fake export permit certificate or using same to export crude oil worth about $1.6 billion as reported by a national newspaper,” Mr. Pepple stated.