HomeAfricaNigeria's monthly revenue drops sharply in August

Nigeria’s monthly revenue drops sharply in August

Nigeria’s monthly revenue dropped sharply from 825.3 billion naira in July to 564.8 billion in August, the local media reported Sunday, quoting Accountant-General of the Federation.Jonah Otunla (US$1=156 Naira).

Mr. Otunla said the drop in revenue was due to the security challenges facing the state-run oil firm, the Nigerian National Petroleum Corporation (NNPC), among others. He did not elaborate.

The Accountant-General explained that mineral revenue accounted for 451.8 billion naira of the August revenue, while non-mineral revenue was 113.03 billion naira.

However, the Federation Accounts Allocation Committee (FAAC) blamed the shortfall in revenue on “a drop in crude oil production and lifting operations as a result of ‘force majeure’ declared at the Bonny terminal.”

FAAC said in a communique after its meeting in the capital city of Abuja Friday that there was a shutdown of Balema Gas Plant and Trans Niger pipeline, as well as a decrease in Production Sharing Contract and Modified Carry Arrangement.

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