Monthly Oil Revenue Drops Further by N86.42bn in March:
- The country’s monthly revenue prospects further declined by as much as N86.42 billion in March as gross receipts dropped to N315.04 billion compared to N401.46 billion the previous month.
- Nevertheless, a total distributable sum of N435.06 billion was Monday shared among the three tiers of government for March compared to the N522.05 billion shared in February.
- Briefing journalists at the end of the monthly meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja, Minister of State for Finance, Alhaji Bashir Yuguda, said the continued shutdown and shut-in of trunks and pipelines at various terminals further impacted negatively on crude oil revenue.
- Yuguda said non-oil revenue also dipped 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.
- But revenue from value added tax (VAT) increased by N12.94 billion to N71.19 billion compared to N58.25 billion of the previous month.
- Giving a 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.
- Source: Thisday