Crude oil sales boost Nigeria’s revenue in August

Federal, states and local governments on Wednesday shared N741.84 billion as revenue generated in August, N27.04 billion more than the N714.84 billion that was shared in July.

The Permanent Secretary, Federal Ministry of Finance, Mr Mahmoud Isa-Dutse made this known in Abuja while briefing newsmen on the outcome of the monthly Federation Account Allocation Committee (FAAC) meeting.

He said the extra income was due to the increase in Crude oil exports sales volume, from 37.4 million barrels in July to 45.7 million barrels in August.

In addition, Isa-Dutse said that Value Added Tax, import duty, Petroleum Profit Tax increased in August, while Companies Income Tax and oil royalty decreased.

Giving a breakdown of the revenue generated, the Permanent Secretary said that N451.29 billion was generated as mineral revenue, while N175.84 billion came as non-mineral revenue.

To this end, the minister said that Federal Government received N274.88 billion, states N139.42 billion and local government N107.49 billion.

He said that N53.03 billion was also shared among the oil producing states, representing 13 per cent of the oil revenue generated in the month of August.

Isa-Dutse said that because the revenue for the month surpassed their expectation, an equivalent of N40 billion was transferred into the Excess Crude Account (ECA), adding that the balance in the ECA account was 2.46 billion dollars.

On the allegation, that the Federal Government had recalled the second tranche of the Paris Club Refund from Delta, Imo, Benue, Rivers and Osun state, he said that the issue was not raised by the committee members.

Meanwhile, the Accountant-General of the Federation, Mr Ahmed Idris assured Civil Servants that their salaries would be paid on time, in spite of the threat by the Nigeria Labour Congress to go on strike.

The industrial strike is in furtherance of the implementation of the new National Minimum Wage.

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