The revenue disbursed and shared by the federal, state and local governments in Nigeria in August shrunk to N467.8 billion, signaling a N184.2 billion decrease from the N652 billion which was shared in July.
The Minister of Finance, Kemi Adeosun who made the revelation at the end of the monthly Federation Account Allocation Committee (FAAC) meeting in Abuja on Tuesday, said the amount shared was inclusive of the Value Added Tax (VAT) of N80.53 billion.
Represented by the Permanent Secretary in the Finance Ministry, Mr. Mahmoud Dutse, Adeosun attributed the decrease in the nation’s Gross Statutory Revenue which stood at N387.31 billion to the drastic fall in revenue from Companies Income Tax (CIT) due to the expiration of the deadline for filling tax returns.
She however revealed that oil revenues recorded an upsurge due to the rise in export sales by $62 million despite the leak in flow lines, shut-ins and shutdowns at terminals for mandatory maintenance works.
“The increase in the average price of crude oil from 50.27 dollars per barrel to 51.05 dollars per barrel and a significant increase in export volume by 1.20 million barrels resulted in increased revenue from export sales for the federation by 62 million dollars,” Adeosun said.
“Despite the increase, there were issues of leaking flow lines, shut-ins and shutdowns at terminals for maintenance,” she added.
Her breakdown revealed that the Federal Government received N193.04 billion; states received N130.69, local governments got N98.01 billion while the sum of N31.59 billion was given to the nine oil-producing states as their 13 percent derivation.
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