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The Federal Government, for the month of September, 2015, lost the sum of N90.27 billion. This is according to the figures made available to Post-Nigeria, by the Federation Accounts Allocations Committee, FAAC, after its meeting in Abuja, on Thursday, October 20.
Based on the statistics, the total amount realized for September, stood at N420 billion, which was N90.27 billion less than the N510.27 billion, that accrued in the month of August.
While the total amount available for distribution to the three tiers of government was N420 billion, from the following sources: Statutory Revenue, N250.95 billion; Value Added Tax, N64.27 billion; Exchange Gain, N41.4 billion; and Excess Petroleum Profit Tax, N63.39 billion.
The ‎Permanent Secretary, Federal Ministry of Finance, Mamudu Dutse, who chaired Thursday’s FAAC meeting, explained the reasons for the loss, and attributed it to lower volume of oil exports.
He said, “The gross statutory revenue of N279.75 billion, received for the month, was lower than the N319.05 billion, received in the previous month, by N35.29 billion.
“Crude oil export volume, decreased by 1.15 million barrels, in June.
“The decrease caused a revenue decline of $46.52 million in Federation Export Sales, despite the increase in the average price of crude oil, from $46.06 per barrel in May, to $48.43 per barrel in June.


“Force majeure, was declared at the Bonny Terminal, and there was a subsisting force majeure at the Forcados Terminal. Shut-in and shutdown of pipeline for repairs and maintenance, also contributed to the drop in revenue,” Dutse said.
Speaking further, he said, “There were decreases in volume of dutiable imports receipts from Joint Venture Cash Call, Foreign Companies Income, and Value Added Tax.
“The distributable statutory revenue for the month, is N250.95 billion.
“There is a proposed distribution of N63.39 billion from the excess PPT Account. Also, exchange gain of N41.4 billion, is proposed for distribution. The total revenue distributable for the month, is N420 billion,” the Permanent Secretary said.
He disclosed that the Nigerian National Petroleum Corporation, NNPC, refunded a total of N6.33 billion, to the Federal Government.
Amidst the loss, the NNPC on Thursday, also ‎reduced the price of every type of crude oil it sells, in an effort to regain share of the global oil market, amid continued supply glut, and growing competition.
The development is coming at a time, when Saudi Arabia, the largest producer of crude, had in 2 weeks, past cut the prices for November oil sales to Asia, North-West Europe, and other regions.‎
The NNPC, ‎lowered its official selling prices by $1 per barrel, for 20 out of 26 oil grades, monitored by Bloomberg, according to pricing lists.
‎The selling price for Qua Iboe for November, was slashed to a 17 cent premium benchmark, while the price of Bonny Light was slashed to a 7 cent premium, and Forcados to a 41 cent discount to Dated Brent.‎

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