Central Bank of Nigeria


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Monetary Policy

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The Conduct of Fiscal Policy

Fiscal Policy 1998
The main policy thrust of the 1998 federal budget was the stimulation of production to effectively address the twin problems of unemployment and poverty reduction. Measures were adopted to encourage productive activities in the private sector. Fiscal measures included a low tax regime to stimulate consumption demand, coupled with tax incentives for the export-processing zones, solid minerals, oil and gas, and the manufacturing sector.

Accordingly the budgeted gross revenue was N 424 billion of which N 143 billion and N117 billion were budgeted for capital and recurrent expenditures respectively

The total federally collected revenue for the year was N 463.609 billion made up N 324.311 billion as oil revenue and N139.298 billion non-oil revenue. Revenue accruing to the Federation Account was N 257.331 billion; and the Federal government retained revenue was N353.724 billion. Total expenditure by the government amounted to N 487.113 billion of which N178. 098 billion or (36.6%) was recurrent while N 309. 016 billion was capital expenditure. The fiscal operations resulted in a current account surplus of N175.626 billion representing 3.7% of GDP. However there was an overall deficit of N133.389 billion or 4.7% of GDP, which was financed largely by borrowing from the banking system.

Facts : 7/24/1958
First Governor of CBN:Mr. Roy Pentelow Fenton was appointed the first and the only expatriate Governor of Central Bank of Nigeria. He served from July 24, 1958 to July 24, 1963.
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Contact Us

We are open for business Monday through Friday except on national holidays. Official visiting days are Tuesdays and Thursdays by appointment only. Our working hours are from 8:00a.m. - 4:00p.m.

Address

Central Bank of Nigeria
Plot 33,
Abubakar Tafawa Balewa Way
Central Business District,
Cadastral Zone,
Abuja,
Federal Capital Territory,
Nigeria

Post Office Box

P.M.B. 0187,
Garki Abuja.
Nigeria

Phones

General Switch Board:
See Reception Desk below

Authorized Dealer Enquires
+234 9 462 37804,
+234 9 462 37802

Commercial Agricultural Credit Scheme (CACS)
+234 9 46237602

Corporate Communications
+234 9 462 36011
Fax: +234 9 462 36012
cad@cbn.gov.ng

Complaints Against Financial Institutions
cpd@cbn.gov.ng

Forex Helpdesk
+234 9 462 37827
+234 9 462 37831

Reception Desk
+234 9 462 39701-02