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Nigeria’s distributable revenues fall to lowest in 5 years

By BusinessNews Staff on May 17, 2015

Nigeria’s revenues distributable to the three tiers of government hit a five-year low in April, the accountant general Jonah Otunla said on Friday, due to frequent shutdowns of oil trunklines and export terminal pipelines.

The total revenue distributable in April including VAT of 75.16 billion naira is 388.339 billion naira ($1.95 billion).

Gross revenues of 282.062 billion naira received for the month was lower than the 315.044 billion naira received in March by 32.982 billion naira.

However, an increase in the average price of crude oil from $55.34 in February to $56.03 in March brought about a $21.67 million gain in revenue. Non-oil revenues performed better in April than in March.

The distributable statutory revenue for the month is 282.062 billion naira. The sum of 6.33 billion naira was refunded by the state owned energy firm NNPC to the Federal Government of Nigeria. Also, there is an exchange gain of 24.786 billion naira which is proposed for distribution.

[Business Day]

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