Abuja – The African Development Bank (AfDB) says Nigeria's federally
collected revenue appreciated by 14.4 percent in the third quarter of 2013.
The Nigerian revenue profile for the period under review is contained in AFDB’s
Economic Review on Nigeria.
The report said non-oil revenue led the revenue growth during the quarter,
stressing that the revenue growth was a landmark achievement following
consistent decline in collected revenues since fourth quarter of 2012.
“The previous quarterly declining revenue was reversed during the quarter with
significant improvement of 14.4 percent, driven largely by non-oil revenues,”
According to the report, the gross federally collected revenue for the third
quarter of 2013 fell short of its budgetary estimate and below the
corresponding quarter in 2012 by about 4.2 percent and 1.6 percent,
It said that the total revenues for the quarter under review stood at $17.3
billion compared to the $17.7 billion realised in the corresponding period of
“Despite the increased retained government revenue during the quarter, fiscal
spending takes a long term perspective with a scale back in fiscal expenditures
and concomitant improvement in overall fiscal balance.
“Revenues and expenditures for the rest of the year are expected to mirror the
current pattern given the spirited efforts of the government in fighting oil
theft, illegal oil bunkering and pipeline vandalism,” it said.
The report said that non-oil revenues experienced a leap to over 40 percent of
total revenues, compared to 23.6 percent during the previous quarter,
It added that non-oil revenues increased by almost 100 per cent in the quarter
under review over the previous quarter.
“Non-oil revenue sources can be traced mainly to company income and other
corporate taxes that increased by almost 160 percent and other taxes that
include education taxes which increased by almost 280 percent over the previous
“This is the highest ever recorded quarterly non-oil revenue performance in
“It is expected that this impressive non-oil revenue performance would continue
given the ongoing Federal Government pursuance of improved revenue
diversification,” it said.
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