BREAKING NEWS, Business
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THE activities of militant in the Niger Delta region cut government revenue by $57.88 million (N16.2 billion) in May. Kemi Adeosun, minister of finance, disclosed this at the Federation Account Allocation Committee, FAAC, meeting in Abuja, where a total N305.128 billion was shared by the three tiers of government.
According to Adeosun, the gross revenue of N237.466 billion was received for the month, which was N23.65 billion higher than the N213.817 billion received in the previous month. Adeosun added that the increase in gross revenue, despite a decline in oil revenues was as a result of improvement in non-oil revenue remittances at all levels.
She said there was an appreciable drop in crude oil production and exports due to force majeure declared at the Farcados terminal and the shutdown of pipelines at other terminals for repairs and maintenance after militant attacks. “As a result, federation export revenue declined by $57.88 million even though the average price of crude oil increased from $29.02 in January,” she said.
“Company Income Tax recorded a marginal increase even as the time for companies to file their returns is yet fall due. The distributable statutory revenue for the month is N237.466 billion. The sum of N6.330 billion was refunded by the NNPC to the federal government. Also, there is exchange gain of N2.546 billion which is proposed for distribution. The total revenue distributable for the current month (including VAT) is N305.128 billion.”
— Jun 23, 2016 @ 18:50 GMT
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