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Falling oil prices impacted on government revenue in March

23 April 2015, 20:24

Lagos - The Office of the Accountant General of the Federation (OAGF) disclosed a decline in the Government's gross revenue for March owing to the fall of the price of crude oil.

OAGF, in a statement, reported that The Federal Government, State governments and Local government councils shared a total of N435.061 billion as Federal allocation for the month.

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According to the office, a communique issued by the Federation Accounts Allocation Committee  (FAAC) indicated that the gross revenue received for the month of March was N315,044 billion. This amount when compared with the N401, 42 billion received in February 2015 showed a decline of N86 423 billion.

The communiqué noted that the continual shut down and shut-in of trunk lines at various terminals has continued to impact negatively on crude oil revenue, an OAGF statement read.

It added however, that an increase in the average price of crude oil from $48,65 million to $55,34 million in February, 2015 boosted revenue by about  $43,73 million.

It is also of noted that the non-oil revenues dipped further in March partly due to the fact that the time frame for companies to file their returns has not fallen due.

The shared amount comprised of the month statutory revenue of N314, 515 billion and N6,330 billlion refunded to the Federal government by Nigerian National Petroleum Corporation( NNPC). There is also exchange gain of N33,529 billion which was proposed for distribution.

An additional sum of N9,490 billion was paid to the Federation Account by the NNPC.

Consequently, from total distributable revenue for the current month (including VAT ) of N435,061 billion, Federal government received N146,486 billion (52,68 percent); while States received N74,299 billion (26,72 percent) and Local governments received N57,282 billion  (20,6 percent).

- News 24


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