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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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