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 adde...
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