Revenue decline as FG, states, LGs share N420bn

 There was a sharp decline in revenue generation in the country as the  three tiers of government on Thursday shared N420billion for the month of September

  The increase in crude oil price from $46.06 per barrel to $48.43 per barrel in the current period didn’t impact much as the volume of crude oil production dropped by 1.15 million barrels as the activities of pipeline vandals also hampered the income 

Permanent Secretary of the Ministry of Finance, Alhaji Mahmoud Isa Dutse, who briefed the media after the Federation Account Allocation Committee (FAAC) meeting, said crude oil export decrease by 1.15million barrels resulted in a decline of $46.06 million in revenue.

A breakdown of the allocation has shown that the federal government received N129.6 billion; states got N91.891 billion while local governments got N68.65 billion.

Other revenues distributed for the month include; exchange rate gain of N41.4 billion and excess petroleum profit tax of N63.38 billion.

The oil producing states received N13.729 billion as 13 per cent derivation for the period.

The permanent secretary also stated that the amount in the excess crude account remained at $2.454 billion, same value as at August 2016.

Revenues from dutiable imports, Joint Venture Cash call, Foreign Companies’ Income Tax and value added tax (VAT) also declined during the period.

The gross statutory revenue for September 2016 stood at N279.746 billion which was lower than the N315.045 billion received in the previous month by N35.299 billion.