Oil slump: Revenue allocation drops by N10.1bn

The Federation Accounts Allocation Committee For allocation on Tuesday shared the sum of N593.34bn among the three tiers of government for the month of October.

This represents a decline of N10.19bn over the N693.53bn shared in the month of September.

But FAAC said in a communiqué that despite the drop in global price of crude oil, the Federal Government recorded an increase of N34.5bn in gross revenue from N502.09bn received in September to N536.69bn for October.

The revenue figure was revealed in Abuja at the end of the FAAC meeting.

The meeting, presided over by the Minister of State, Finance, Amb Bashir Yuguda, was attended by commissioners for finance from the 36 state and representatives from all the revenue generating agencies such as the Nigeria Customs Service, the Federal Inland Revenue Service and the Nigerian National Petroleum Corporation.

In the communique signed by the Accountant General of the Federation, Mr. Jonah Otunla, the committee said there was improvement in mineral revenue for the month of October despite ongoing Force Majeure by Shell, shut-in of trunk and pipelines at various terminals and unfavorable market conditions.

This, it noted, resulted in further decline of crude oil prices, adding that non mineral revenue also recorded a marginal decrease in the month of October.

[Punch]

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