The House of Representatives on Thursday put Nigeria’s revenue shortfall as at
the month of May 2013 at N700,879 billion.
Abdulmumin Jibrin, chairman of the House of Representatives’ Committee on Finance, said
the nation’s gross revenue budget for fiscal 2013 is put at N11,453,496.
Presenting a ‘report on revenue
generation for fiscal 2012 and fiscal 2013 (January – May)’ on the floor of the
House, Jibril put the budgeted collections from January to May at N4,772,290.
He disclosed that the nation’s total
gross revenue collection as at May 2013 is N4,071,411, compared to that of
N4,381,485 as at May 2012, which variance is put at N310,074 billion or 7.08
percent.
“Comparing year-on-year collections
for 2012 and 2013, government’s collections are as follows: gross revenue
collections for January 2013 is N856,082 billion while that of 2012 was N843,082
billion, leaving a variance of N13 billion or 1.54 percent; the Federal
Government collected N791,670 billion in February 2013 and N951,198 billion in February
2012, leaving a variance of N159,528 billion or 16.77 percent; it generated N805,474
billion in March 2013 compared to N982,342 billion it generated in 2012, which
left a variance of N176,868 billion or 18 percent; it generated the sum of
N826,238 billion in April 2013 compared to N839,004 billion it generated in
2012, which left a variance of N12,766 or 1.52 percent; in May 2013, government
generated the sum ofN791,947 billion compared to N765,859 billion it generated
in 2012… this is N26,088 billion or 3.4 percent.
“Note that the gross revenue budget
for fiscal 2013 is N11,453,496 from N11,453 trillion, which gives a monthly
average of N954,458 billion. For five months from January to May 2013, budgeted
collections should be N4,772,290 from N4,772 trillion. hence, as at May 2013,
the federation has a shortfall of N700,879 billion or 14.68 percent,” Jibrin
hinted.
On the sector analysis, he summed
the total oil revenue collection at N3,085,664 for 2013 and N3,483,962 for
2012, which left a variance of N398,298 billion or 11.43 percent, while the sum
total of the non-oil sector was put at N926,951 billion for 2013 and N824,223
billion, which left a variance of N102,728 billion or 12.46 percent.
He warned that the worrisome issue
of crude oil losses and pipeline theft would spell doom for the nation, if the
executive does not hasten to address it.
