The Federal government has recorded another steep fall in revenue to the federation account for the second time in three months of the year 2016.
The decline in revenue was attributed to the decrease in crude oil export volumes, which dropped by 1.15million barrels in June, this year, a situation Permanent Secretary in the Federal Ministry of Finance, Alhaji Mahmoud Isa-Dutse said caused a revenue decline of $45.52 million in federation export sales despite the increase in average price of crude oil from $46.06 per barrel in May to $48.43 per barrel in June.
Isa-Dutse who presided over the Federal Account Allocation Committee (FAAC) disclosed on Thursday, October 20, said:
“The total revenue distributable for the month (September) is N420billion against the NN510.271billion in August.”
The latest report of the allocation to the Federal, State and Local Government Areas that was released yesterday showed that total revenue to the nation’s account declined from N510.271 billion in August to N420billion in September, representing N90.27billion shortfall in monthly income.
The distributable Statutory Revenue for the month was N250.947 billion. The summit N6.33billion was refunded by the Nigerian National Petroleum Corporation, NNPC to the federal government.
According to the report, the net statutory sum of N120.351 billion or 52.68 per cent was shared to the Federal government while the 36 States and 774 local governments of the federation received net allocation of N61.044 billion (26.72 per cent) and N47. 062 billion or 20.60 per cent respectively.
There were also decline in volume of dutiable imports, receipts from Joint Venture Cash Call, Foreign Companies income Tax (CIT) and Value Added Tax (VAT).
Isa-Dutse also disclosed that the country has a net balance of $2.454 billion in Excess Crude Account. He said the nation’s mineral revenue also decreased from N158.726 billion in August to N135.714 billion in September while non-mineneral revenue dropped to N144.310 billion in September from N156.319 billion in the previous month.
