By Ngozi Onyeakusi — The Federal Government in October this year recorded 38.4 per cent depreciation in its revenue thus representing a deficit of N66.51bn.

This was disclosed by the Central Bank of Nigeria (CBN) in its ‚ÄėEconomic Report October 2018‚Äô released Monday.

According to the report, “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.

Oil and non-oil receipts (gross), at N422.13bn and N259.93bn in the review period, constituted 61.9 per cent and 38.1 per cent of total revenue, respectively.

‚ÄúFederal Government retained revenue and estimated expenditure for October 2018 were N280.96bn and N347.48bn, respectively, resulting in an estimated deficit of N66.51bn.‚ÄĚ

According to the report, domestic crude oil production was estimated at 1.88 mbd or 58.3 million barrels (mb) in October 2018.

Crude oil export was estimated at 1.39 mbd or 43.1 mb.

The average spot price of Nigeria‚Äôs reference crude oil, the Bonny Light (37¬į API), rose by 2.9 per cent to US$82.82 per barrel in October 2018.

‚ÄúThe end-period headline inflation, on year-on-year and twelve-month moving average bases, were 11.26 per cent and 12.80 per cent, respectively, in October 2018, compared with 11.28 per cent and 13.16 per cent, respectively, in September 2018,‚ÄĚ it added.

According to the report, the average exchange rate of the naira at the inter-bank, the BDC segment and the ‚Äúinvestors‚ÄĚ and ‚Äúexporters‚ÄĚ window were N306.47/$, N360.38/$ and N364.16/$, respectively, in October 2018. The gross external reserves was $40.61bn at end-October 2018, compared with $42.61bn at end-September 2018