Nigeria has lost N90 billion in one month due to the attacks on oil facilities by vandals in the Niger Delta region and decline in global oil prices of crude oil. According to a report on Premium Times, the revenue allocation to federal, states and local governments for September dropped by about N90.27 billion, as they shared a total of N420 billion for the month. It was gathered that about N510.2 billion was shared at the Federation Account Allocation Committee (FAAC) meeting in August.
We are both end losers of pipeline bombings – VP to militants This was disclosed by Mahmoud Isa-Dutse, the permanent secretary, Federal Ministry of Finance. Isa-Dutse disclosed that the total revenue of N420billion consists of earnings from statutory sources, N250.95 billion; value added tax (VAT) N64.27 billion; exchange gain, N41.4 billion; excess petroleum profit tax, N63.39 billion and Nigerian National Petroleum Corporation NNPC) refund to the Federal Government N6.33 billion. “The gross statutory revenue of N279.75 billion received for the month was lower than the N319.05 billion received in the previous month by N35.29billion,” Mr. Dutse said. He blamed the drop on attacks on oil facilities by vandals in the Niger Delta and the negative impact of declining global oil prices of crude oil in the international market. Isa-Dutse said: “We need to do everything possible to normalize things in the Niger Delta region.” READ ALSO: Amnesty: Presidency hosts ex-militants (see photos) He also disclosed the decline was also attributed to the Force Majeure declared at both the Bonny and Forcados crude oil exporting terminals, as well as the shut-in of crude oil production and shut-down of pipelines for routine repairs and maintenance in the region. More details here Read More