The Federal Government recorded a fiscal deficit of N 409 .39 bn in August , even as its total federally collected revenue rose by 2 .7 per cent to N767 . 55 bn .
The federally collected revenue generated in August was , however, below the budget benchmark of N846 . 84 bn by 9 . 4 per cent .
The CBN said in its latest economic report that the increase in revenue was attributable to improved receipts from oil revenue sources .
“ Retained revenue of the Federal Government in August 2020 was N290 . 31 bn , while total expenditure stood at N699 . 70 bn , resulting in a deficit of N409 . 39 bn , ” it said .
The central bank noted that oil revenue increased substantially in August due to improved collection from Petroleum Profit Tax and royalties, which rose by 103 .9 per cent , compared with receipts in July .
It said , “ With regard to non – oil revenue performance, collections fell below their levels in July 2020 and August 2019 by 24 .6 per cent and 15 .1 per cent respectively .
“ Notably , receipts from Corporate Tax declined by 45 . 4 per cent and 30 . 7 per cent vis – à – vis July 2020 and August 2019 positions respectively .
“ Value Added Tax , however, increased by 2 . 9 per cent and 40 .8 per cent in comparison with receipts in July 2020 and August 2019 respectively . ”
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