FG Revenues Leap by 5.6% to N315billion

Federal government revenues jumped by 5.6 per cent in December to N315.019 billion, from N297.450 billion the previous month despite a drop in oil prices and production hiccups, the finance ministry revealed.

Permanent secretary at the ministry of finance, Mahmoud Isah Dutse, said shut-ins, shut-down of production for repairs and production shortfall due to technical hitches at different terminals throughout the month had a negative impact on crude oil and gas revenue.

He said there was a revenue loss of $143.96 million because of a reduction in export sales and a drop in the average price of crude to $43.40 in November from $49.58 in October.

Nigeria would distribute N387.771 billion to its three tiers of government, federal, state and local, for the month of January, including revenues, cash from VAT, gains on the exchange rate and refunds from the state oil company of N6.330 billion, Dutse said.

He added that $150 million in dividends from the Nigeria Liquefied Gas Co had already been distributed in December. The Excess Crude Account, Nigeria’s rainy day fund however, remained unchanged at $2.258 billion.