FG revenue down by N16.2b due to bombing in Niger Delta

chika ebuzor

June 24, 2016 4:55 PM

This was revealed to newsmen by the minister of finance, Kemi Adeosuun, during the Federation Account Allocation Committee (FAAC) meeting

Nigeria's Finance Minister Kemi Adeosun speaks at a news conference in Lagos, Nigeria, April 9, 2016.

Militants in the Niger Delta might be happy with themselves, as their activities made the Federal Government lose N16.2b in the month of May.

Crude oil production and exports also went down due to the repair of the pipeline at the Farcados terminal.

This was revealed to newsmen by the minister of finance, Kemi Adeosuun, during the Federation Account Allocation Committee (FAAC) meeting.

Adeosun Said “As a result, federation export revenue declined by $57.88 million even though the average price of crude oil increased from $29.02 in January.

“Company Income Tax recorded a marginal increase even as the time for companies to file their returns is yet fall due.

“The distributable statutory revenue for the month is N237.466 billion. The sum of N6.330 billion was refunded by the NNPC to the federal government.

“Also, there is exchange gain of N2.546 billion which is proposed for distribution. The total revenue distributable for the current month (including VAT) is N305.128 billion.”

The ministry of finance workers recently

They accused the minister of not carrying staff along, adding that she is incompetent.

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chika ebuzor