Monthly Oil Revenue Declines to N630.3bn in July

 Production hiccups including a force majeure declared by Shell, shutdown of trunk lines and pipelines at Akpo and Bonny terminals caused a significant decline in monthly receipts as gross revenue for July dropped by about N154.5 billion to about N630.3 billion compared to about N784.8 billion in June. Also, a substantial decline in Company Income Tax (CIT) has  further dampened the prospects for higher collections for the month. Notwithstanding, a total distributable revenue amounting to about N654.5 billion was yesterday shared among the three tiers of government for July. Briefing journalists yesterday after the monthly meeting of the Federal Account Allocation Committee (FAAC) in Abuja, the Minister of State for Finance, Alhaji Bashir Yuguda, said the sum of N6.2 billion was transferred to the Excess Crude Account (ECA), bringing its current value to about $4.1 billion compared to about $4.5 billion in June. He said the sum of N35 billion was also transferred to the domestic crude account for the month under review. According to him, revenue from value added tax (VAT) also dropped to about N65.4 billion compared to about N66.4 billion the previous month. The mineral revenue also dropped to N483.5 billion in July compared to about N517.3 billion in June while the non- mineral component also declined to about N146.8 billion compared to about N267.5 billion the previous month.

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