Federal Government Records N102.2 Billion Gross Statutory Revenue Shortfall In December

Minister of Finance, Zainab Ahmed

By CLEMENT NWOJI, Abuja

The Federal Government has recorded a decline in gross statutory revenue  amounting to N102.16 billion in the month December, 2018.

Consequently, the gross statutory revenue of N547.46 billion received for the month of December, 2018 was lower than the N649.62 billion received in the previous month of November.

The Account General of the Federation, Ahmed Idris, disclosed this while briefing Journalists after the month meeting of the Federation Accounts Allocation Committee (FAAC), in Abuja.

He attributed the reduction in revenue generation to drop in crude oil sales. shutdown in production due to leakage, fire and flooding.

According to him, “The gross statutory revenue of N547.46 billion received for the month was lower than the N649.62 billion received in the previous month by N102.16 billion.

“Federation Crude Oil export sales dropped by N1.7 million barrels, resulting to a drop in Federation revenue by 83.54 million, regardless of a significant increase in price from 72.84 dollars to 81.06 dollars per barrel.

“There was shutdown, shut in and closure of production at various terminals due to fire, leakage and flooding. Revenues from VAT, import and excise duties and royalties increased marginally while Companies Income Tax and Petroleum Profit Tax decreased significantly”.

However, the Federal Government, states and local governments  shared for January, N649.19 billion as revenue from the month of December 2018.

Idris said the figure showed a decline of N163.57 billion, compared to the N812. 76 billion that was shared in November 2018, adding that the Mineral revenue reduced from N421.8 billion in November to N354.22 billion.

Also, he said the Non-Mineral Revenue decreased from N227.7 billion in November to N193.24 billion while the Value Added Tax (VAT) collected for the month increased from N88.39 billion to N96.73 billion in December.

Idris said that the Federal Government received N255.2 billion; States N129.44 billion and N99.7 billion was received by the local governments.

According to him, N45.52 billion, representing 13 per cent of the mineral revenue, was shared to oil producing states. He, however, said that the Excess Crude Account, which is owned by all tiers of government, was 631 million dollars.