In the 12 months through to September 2017, the gross flows into the Federation Account amounted to N3.51tn from oil revenue and N2.63tn from non-oil revenue, a report by the research firm stated.
FBNQuest said, “Over the period, oil revenue was the higher of the two in 10 months, and non-oil revenue in just two months. The gap was smaller in the 2016 calendar year, when oil revenue was N2.7tn and non-oil revenue was N2.24tn.
“It widened in the more recent period because the recovery in oil output pushed up oil revenues considerably, especially in July, August and September. Diplomacy in the Niger Delta has paid off for the Federal Government.”
According to the research and investment advisory firm, a similar conclusion should be drawn from the monthly payouts by the Federation Account Allocation Committee, of which the latest covered the distribution of revenues collected in November.
The increase since mid-year, the firm said, was largely attributable to the improvement in average crude output to 1.87 million barrels per day in Q2 2017 and 2.03 mbpd in Q3.
The research firm said the CBN data captured were not to be confused with the Federal Government revenue collection, which the Medium-Term Expenditure Framework 2018-20 projects at N5.65tn for 2018.
The firm said, “The new flows would suggest that non-oil revenues are lagging some way behind budget. However, we flag the interim data (for the FGN only) for H1 2017 from the Office of the Accountant General of the Federation. These show oil, non-oil and Federal Government independent receipts are all well behind budget for the period but also substantial unexpected contributions from other sources will offset the disappointment.