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Federal allocations drop to N281.5b

26 May 2016, 19:37

Abuja - The monthly allocation shared among the federal, states and local governments dipped by N18.2 billion, leaving the tiers of government with a total of N281.500 billion for April, shared on Wednesday in Abuja, Nation reports.

Minister of Finance Kemi Adeosun attributed the drop in allocation on the huge decline recorded in the price of crude oil.

She said there was a revenue loss of $45.9m as a result of the drop in average price of crude oil from $39.04 in December, 2015 to $29.02 in January.

Adeosun noted that “while oil production increased slightly between December 2015 and January 2016 despite explosions at Escravos terminal, she said force majeure declared at Brass terminal, shut-in and shut-down of pipelines at other terminals for repairs maintenance affected government revenues.”

These developments also led a decline of N18.8 billion in gross statutory revenue from N232.61 billion in March to N213.81 billion in April.

Premium Times reports that details of the allocation for the month showed that gross statutory revenue was N213.82 billion, which was lower than N232.62 billion received in the previous month.

Although oil production increased slightly between December 2015 and January 2016, the recent attacks on oil facilities in the Niger Delta, especially explosions at Escravos Terminal has worsened the situation, resulting in a force majeure being declared at Brass Terminal

The development had resulted in the shut-in and shut down of pipelines at other terminals for repairs and maintenance.

- News 24

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