Nigeria records N28.67bn decline in revenue

The Federal Government on Tuesday revealed that the country recorded a N28.67bn decline in gross federally collected revenue from N630.32bn received in the month of July to N601.65bn received in August.

The Minister of State for Finance, Bashir Yuguda made this known while briefing newsmen shortly after this month’s Federation Accounts Allocation Committee meeting which was held at the headquarters of the Ministry of Finance, Abuja.

Yuguda credited the decline to a Force Majeure declared by Shell and a series of shutdown of trunk lines and pipelines at various terminals. He said, “The gross revenue of N601.648bn received for the month was lower than the N630.325bn in the previous month by N28.67bn. There was decline in revenue in the month of August which was attributed to the force majeure declared by Shell and a series of shutdown of trunk lines and pipelines at various terminals.”

The minister, however said payments and returns by some blue-chip companies and increase in the receipt of foreign Company Income Tax boosted non oil revenue for the month.

He said despite the revenue drop, the committee allocated the sum of N611.76bn to the three tiers of government as statutory allocation for the month of August.

The August allocation, according to Yuguda, who is also the chairman of FAAC, was N42.82bn lower than the N654.58bn shared in July. He said N504.7bn was shared under statutory distribution, N61.51bn under Value Added Tax while N35.54bn was allocated under the Subsidy Reinvestment and Empowerment Program, SURE-P.

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