Between July and September this year, the federal government’s collected revenue rose by 8.9% to 2.52 trillion naira, compared to the previous quarter, the Central Bank of Nigeria has said.

The CBN, in its economic report for the third quarter of 2018 released on Monday, said, “Federally collected revenue, at 2.52 trillion naira, in the third quarter of 2018, was 24% lower than the proportionate budget estimate, but was 8.9% above the receipts in the preceding quarter.

“The development, relative to budget estimate, was due to the shortfall in receipts from both oil and non-oil revenue in the review quarter.

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“Federal Government estimated retained revenue and total expenditure were 950.61 billion naira and 1.05 trillion naira, respectively, resulting in an estimated deficit of 100.33 billion naira in the third quarter of 2018,” the report said.

The apex bank said it maintained a non-expansionary monetary policy stance in August 2018, aimed at further curbing inflationary pressure.

It said broad money supply, on quarter-on-quarter basis, fell by 2.4% to 33.6 trillion naira at the end of August 2018, in contrast to the growth of two per cent at the end of June.

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