Central Bank of Nigeria (CBN) said the three tiers of government over shoot the 2012 budget by N1,168.1 billion, or 2.9 per cent of GDP.
The consolidated revenue and expenditure of the governments in 2012 was N8,928.9 billion and N10,0970 billion, respectively.
CBN, in its newly released 2012 annual report, said the combined fiscal operations resulted in an overall notional deficit of N1,168.1 billion, or 2.9 per cent of GDP.
At N10,654.7 billion, or 26.3 per cent of GDP, federally-collected revenue (gross) exceeded the N7,953.7 billion target for fiscal 2012 by 34.0 per cent.
The development was attributed to the favourable receipts from both oil and non-oil sources. However, it declined by 4.2 per cent relative to the level in 2011.
Analysis of the receipts indicated that oil revenue (gross) accounted for N8,026 billion and represented 75.3 per cent of the total, while non-oil revenue (gross) was N2,628.8 billion and accounted for the balance.
According to the report, N6,565.2 billion accrued to the federation account, indicating an increase of 6.6 per cent over the level in 2011. Of the amount, N681.7 billion N206.8 billion and N388.4 billion were transferred to the Value Added Tax (VAT) pool account, the FG Independent Revenue and other transfers respectively
The report said the sum of N1,923.6 billion was drawn from the Excess Crude Account for various
purposes to boost the federally-collected revenue (net) to a distributable total of N7,212.0 billion and shared among the three tiers of government.
It stated that the Federal Government (including Special Funds) received the sum of N3,349.5 billion; state governments, N1,743.8 billion; local governments, N1,344.4 billion; and the sum of N74.3 billion was shared among the oil-producing states as 13 per cent Derivation Fund.
Similarly, the VAT revenue of N681.7 billion was shared among the federal, state and local governments in the ratio of 15, 50 and 35, respectively
The consolidated federal government debt stock, as at end-December 2012 was N7,564.4 billion, or 18.7 per cent of GDP, compared with N6,519.6 billion, or17.4 per cent of GDP in 2011. External debt outstanding grew by 15.2 per cent to $6.5 billion (N1,026.9 billion) reflecting additional multilateral loans and borrowing from non-Paris bilateral/commercial creditors, while the domestic component increased by 16.3 per cent from its level in 2011 to N6,537.5 billion
However, the on-site examination of 791 Micro finance banks showed that 68.3 per cent met the capital adequacy ratio (CAR) of 10 per cent, compared with 70.4 per cent in 2011. Also, 652 MFBs or, 82.4 per cent, complied with the minimum liquidity ratio (LR) of 20 per cent as against 84.0 per cent in 2011. The average liquidity ratio of the institutions was 62.3 per cent, which exceeded the prescribed minimum LR of 20 per cent, compared with 84.0 per cent in 2011.
However, the asset quality of the banks deteriorated as their portfolio -at-risk (PAR) ratio increased to 61.9 per cent, from 46.0 per cent in 2011. This was attributed to the fact that most of the institutions were yet to articulate and adopt appropriate risk management frameworks to mitigate the credit risks inherent in their operations.
On-site examination was conducted on 75 of the 82 licensed Primary Mortgage Banks (PMBs). The result of the examination indicated that only 37 met the extant prescribed minimum shareholders‟ funds unimpaired by losses, of N100 million, 60.0 per cent of the PMBs met the CAR of 10.0 per cent, and 66.7 per cent met the minimum liquidity ratio of 20.0 per cent.