Findings by Shipping Position Daily have revealed a substantial surge in non-oil revenue between January and September 2023. According to data obtained from the 2024 budget proposal submitted to the National Assembly, the non-oil revenue during this period soared to N6.94 trillion as against the N 5.3 trillion prorated target representing an increase of over N1.6 trillion and a 30% increase in percentage.
The details of the budget also revealed that Customs collections, encompassing import duties, excise and fees, and federation account special levies, reached a total of N611.65 billion out of the N837.59 billion target for 2023 accounting for 73% of the Customs target
This is even as the 2024 budget proposal projected a substantial surge to N18.32 trillion in non-oil revenue.
Our correspondent gathered that the gross oil and gas revenue for 2023 was projected at N9.38 trillion. As of Sept 2023, N5.58 trillion was realized as against the prorated estimate of N7.04 trillion. This represents about 79.3% performance.
After accounting for deductions (including 13% derivation), net oil and gas revenue inflows to the Federation Account amounted to only N2.93 trillion. This is N530.29 billion or 20.7% less than the target.
The Net non-oil revenue also outperformed the pro-rata target by N1.62 trillion or 30.4%. Only Customs revenue performed slightly below target by 27%.
Although, the National Bureau of Statistics (NBS) is yet to release the countries with high non-oil destinations for the third quarter ended. However data from the bureau revealed that in the second quarter of 2023, the top five non-oil export destinations were The Netherlands with N788.85 billion or 11.24%, the United States of America with N718.63 billion or 10.24%, Indonesia with N550.18 billion or 7.84%, France with N540.73 billion or 7.71% and Spain with N504.45 billion or 7.19% of total exports. Altogether, exports to the top five countries amounted to 44.23% of the total value of exports.
According to the figures, the largest export value in the second quarter of 2023 was ‘petroleum oils and oils obtained from bituminous minerals, crude’ with N5,586.29 billion representing 79.63% this was followed by ‘Natural gas, liquefied’ with N639.37 billion accounting for 9.11%, and ‘Urea, whether or not in aqueous solution’ with N81.21 billion or 1.16% of total exports.
In terms of Imports (CIF), in the second quarter of 2023, the top five partner countries origin of imports to Nigeria were China (N1,269.41 billion or 22.17%), the United States of America (N921.45 billion or 16.09%), Belgium (N460.43 billion or 8.04%), India (N417.77 billion or 7.30%) and The Netherlands (N369.69 billion or 6.46%). The values of imports from the top five countries amounted to N3,438.76 billion representing a share of 60.05% of total imports. While the commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ (N1,230.95 billion or 21.50%), ‘Used Vehicles, with diesel or semi-diesel engine, of cylinder capacity >2500cc’ (N733.92 billion or 12.82% and ‘Gas oil’ (N230.83 billion or 4.03%).
