FAAC: Federation revenue declines by N25.3bn in October

The Federal, States and Local Governments, in the month of October, shared N532.7 billion, which showed a decline of N25.3 billion when compared to what they shared in September.

The Permanent Secretary of the Ministry of Finance, Mahmoud Isa-Dutse, said this  in Abuja while briefing journalist on the outcome of the monthly Federal Account Allocation Committee (FAAC).

Isa-Dutse attributed the decline to the decrease in revenue from export sales of 42.94 million dollars due to a decrease in crude oil production by 1.25 million barrels.

He said that even though, the average price of crude oil increase from 46.29 dollars per barrel to 48.66 dollars per barrel, was not enough to make up for the loss in production.

“Some of the issues that impacted negatively on crude oil production were attributed to ageing facilities, which resulted to shut-ins and shut-downs of pipelines at various terminals for repairs and maintenance. Petroleum Profit Tax increased significantly, while Import Duty and Value Added Tax improved only significantly,” he said.