FG recorded N66.51bn deficit in October

The Federal Government’s collected revenue fell by 38.4 per cent in October, and it recorded a deficit of N66.51bn within same period. The Central Bank of Nigeria revealed this in its ‘Economic Report October 2018’ which was released on Monday. In the report, the apex regulator stated, “Federally-collected revenue (gross) was estimated at N682.06bn in October 2018. This was below the monthly budget estimate and receipts in the preceding month by 38.4 per cent and 18.0 per cent, respectively. Crude oil export was estimated at 1.39 mbd or 43.1 mb. The average spot price of Nigeria’s reference crude oil, the Bonny Light (37° API), rose by 2.9 per cent to US$82.82 per barrel in October 2018. Read More:

FG recorded N66.51bn deficit in October – CBN