Monthly Oil Revenue Dips Further By N86.42 Billion In March

The country’s monthly oil revenue prospects further dipped by as much as N86.42 billion in March as gross receipts fell to N315.04 billion compared to N401.46 billion in February.

However, a total distributable sum of N435.06 billion was monay shared among the three tiers of government for March compared to the N522.05 billion shared in February.

The Minister of State for Finance, Alhaji Bashir Yuguda, who briefed newsmen at the end of the monthly meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja, said the continued shutdown and shut-in of trunks and pipelines at various terminals further impacted negatively on crude oil revenue.

He however noted that an increase in average price of crude oil from $48.34 million to $55.34 million in February boosted revenue by N43.73 million.

Yuguda said non-oil revenue also plunged further in March partly due to the fact that the time frame for companies to file their returns was not due.
Mineral revenue in the period under review dropped to N228.58 billion from N306.94 billion in February, while the non-mineral revenue also declined to N86.46 billion compared to N94.52 billion earned in February.

Nevertheless,  revenue from value added tax (VAT) increased by N12.94 billion to N71.19 billion compared to N58.25 billion in February.

Giving a further breakdown of the statutory distribution, the minister said the federal government got N146.48 billion, while the states received N74.29 billion as well as the local governments which got N57.28 billion.

The sum of N29.37 billion was also shared among oil producing states under the derivation principle, he added.