The oil revenue diversion continues unabated.....Federal revenue dropped by N117.89bn in December – FAAC - via The Punch - January 16, 2014 The Federal Government on Wednesday said that the country recorded a decline of N117.89bn in gross federally collected revenue in the month of December 2013.Details of the FAAC allocation put the gross revenue received for the month of December at N479.95bn. This, according to analysis, is 19.7 per cent lower than the N597.75bn received in the month of November. The report attributed the huge decline in revenue to serious disruptions in crude oil production and lifting operations due to maintenance, vandalism of pipelines and unanticipated disruptions. The report stated, The gross revenue of N479.95bn received for the month was lower than the N597.75bn received in the previous month by N117.8bn. Owing to the shortfall in revenue, the allocation for the three tiers of government also dropped by N164.2bn from N675.65bn in November to N581.49bn in December. A breakdown of the amount showed that N473.6bn was shared under statutory distribution; N64.72bn under Value Added Tax and N35.54bn under the Subsidy Reinvestment and Empowerment Program. Similarly, N7.617bn was shared among the three tiers of government from the refund made by the Nigerian National Petroleum Corporation as a result of its indebtedness to the Federation Account.
Posted on: Thu, 16 Jan 2014 08:55:20 +0000
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