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CBN collects N7 trillion for government, withdraws N977b bad notes



•’Nigeria-China currency sawp deal strictly on imports’

In about eight months after the 2017 fiscal year, the annual report of the Central Bank of Nigeria (CBN) has showed that it recorded N7.3 trillion revenue.The development, which also affirmed that finances were relatively stable during the period, indicated a 30.3 per cent increase over the figures of 2016.

This was attributed to a rebound in crude oil prices in the second half of the year, with the average price of the Bonny Light at $54.91 per barrel in 2017, compared with $48.82 per barrel in 2016.According to the report, oil revenue accounted for N4.1 trillion or 56.2 per cent of the total, while non-oil earnings were N3.2 trillion representing 43.8 per cent of total revenue.

The consolidated revenue and expenditure of the government were N8.9 trillion and N11.9 trillion, resulting in N3.05 trillion deficit.In a similar development, the apex bank clarified that the currency swap deal between it and the People’s Bank of China (PBoC) was strictly online settlement of import bills.

According to the CBN, the explanation followed the thronging of banks by Nigerians requesting for the Chinese currency since the agreement sealed two months ago.CBN Governor, Godwin Emefiele, at the currency swap sensitisation for North Central zone in Abuja yesterday said the deal was strictly an online settlement pact covering only internationally approved goods and services sanctioned by the Standards Organisation of Nigeria (SON).

Also yesterday, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, in Dubai, United Arab Emirate (UAE), met with Chinese financiers over the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) pipeline project.He told a gathering, made up of Bank of China and Sinosure and NNPC Project Team, to ensure the timely finalisation of the term sheet for the contract financing deal.A statement said discussions were being fast-tracked to ensure speedy conclusion on details of the agreement ahead of President Buhari’s state visit to China next month.

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CBNGodwin Emefiele
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