Oil Price Drop, Production Losses Cut Monthly Revenue to N502bn

The slide in the price of crude oil as well as production losses occasioned by shut-ins and the shut-down of trunk lines at various oil terminals resulted in a N99.55 billion drop in Nigeria’s September revenue to N502.09 billion from the N601.64 billion generated in the previous month.

Non-mineral revenue also dropped to N127.35 billion compared to N159.73 billion in August partly because some blue chip companies had made payments and returns in September.

Nevertheless, total distributable revenue amounting to N603.59 billion was shared on Wednesday among the three tiers of government for the month of September compared to N611.70 billion in August.

Addressing journalists in Abuja  after the monthly meeting of the Federation Account Allocation Committee (FAAC), the Minister of State for Finance, Alhaji Basir Yuguda, said mineral revenue for the month under review also declined to N374.74 billion compared to N441.91 billion in August.

Revenue from value added tax (VAT) also dropped to N61.51 billion compared to NN65.10 billion in the previous month.

It was unclear if there was some augmentation to shore up the shortfall, as this was neither highlighted by the minister or the Chairman, Finance Commissioners of Nigeria, Mr. Timothy Odah.