In addition, the three tiers of government shared a total of N61.694 billion with the Federal Government receiving N9.254 billion; state governments- N30.847 billion and local governments-N21.593 billion.
To make up the numbers, an additional N41.402 billion exchange gains accruals and another N63.386 billion excess Petroleum Profit Tax (PPT) were shared among the three tiers of government.
Permanent Secretary, Federal Ministry of Finance, Dr Mahmoud Isa Dutse, who addressed reporters at the end of the Federation Account Allocation Committee, FAAC, meeting in Abuja on Thursday,October 20, attributed the decline to the “activities of vandals in the Niger Delta in spite of the appreciation in the price of crude oil in the international market.”
He lamented that crude oil export volume decreased by 1.5 million barrels in June as a result of the activities of Nigeria Delta vandals and appealed that “we need to do everything possible to normalise things in the Niger Delta.”
Other reasons for the decline were the force majeure declared at Bonny terminals and the subsisting one at the the Forcados terminal as well as the shut- and shut-down of pipelines for repairs and maintenance.
Dutse added that there was decrease in the volume of dutiable imports, receipts from Joint Venture (JV) cash call, foreign companies income tax and Value Added Tax (VAT).
Aside the disbursements, Dutse said the funds in the Excess Crude Account (ECA) stood at $2.454 billion.
He also expressed optimism that Nigeria’s potential for growth remained high given the recent announcement by the International Monetary Fund (IMF) that the economy is now larger than that of South Africa.
