Matters of crude oil in Nigeria

N25.6 billion was allocated to the
oil producing states as the 13 per cent
derivation fund. For VAT revenue of
N61.18 billion, the Federal Government,
after deducting cost of collection of FIRS
got N8.8 billion, while states pocketed
N29.36 billion and local governments
got N20.55 billion.”
Adeosun blammed the reduction on
the downward turn of crude oil prices
in the commodity, and maintained
that the government would focus on
other non-oil sectors to boast
Nigeria’s economy.
She said: “Even though the revenues
were currently down, non oil revenue is
beginning to make up for the shortfall in
oil revenue. Ongoing maintenance and
the shutdown and shut-in of production
for repairs at different terminals during
the month continued to impact crude oil
and gas revenue negatively.
“We don’t have to rely on oil with its
price going down and very unstable. We
are focusing on revenue from non-oil
and you can see impressive N369.882
billion compliance with tax,” she added While giving the breakdown of what
was shared for November among the
three tiers of government, Mrs
Adeosun lamented that there was a
revenue decline of N103.95 billion,
indicating the difference between the
N473.83billion for October and the
N369.88 billion shared in November.

The minister said the balance from
the excess crude account (ECA), was
$2.258 billion at December 22, and
added that the amount remained
unchanged from what it was in
November. She said a $150 million
dividend from the Nigeria Liquefied
Natural Gas (NLNG) was also shared
at the meeting.

She said: “Yesterday, the three tiers
shared a statutory revenue of N297.45
billion, Value Added Tax (VAT) was
N61.18 billion, exchange gain of N4.92
billion and refund made by the Nigeria
National Petroleum Corporation (NNPC)
for debt owed the Federation Account -
N6.33 billion.”