…revenue fell by N184.2 Billion

The sum of N467.8 Billion was shared as monthly allocation for the Federal Government, States and Local Governments for the month of August.

This sum is significantly lower than the previous sum of N652 Billion which was shared as allocation in the month of July.

Mr. Mahmoud Dutse, the Permanent Secretary who was representing Kemi Adeosun, the Minister of Finance at the monthly Federation Account Allocation Committee (FAAC) meeting shared this information at the end of the meeting held in Abuja on Tuesday.

The sum shared in August was N184.2 Billion lower than that of July, indicating a shortfall in revenue earned by government prior to that period.

According to Dutse, the decline was as a result of a fall in Companies Income Tax (CIT). However, a rise in price of oil help to ensure that a significant sum was able to be shared as monthly allocation.

Dutse, on behalf of the minister for finance said, “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.”

“Despite the increases, there were issues of leaking flow lines, shut-ins and shutdowns at terminals for maintenance”

He further said, the Federal Government received N193.04 billion from the allocation while the States shared N130.69 billion. The local governments also received the sum of N98.01 billion.