A decrease in crude oil production and lifting operations occasioned by the force majure that was declared at the Bonny Terminal last month lowered gross federally-collected revenue for August by as much N260.512 billion.
The Minister of State for Finance, Alhaji Yerima Ngama, disclosed this yesterday in Abuja while briefing journalists at the end of the monthly meeting of the Federation Account Allocation Committee. According to the minister, gross revenue for August dropped to N564.884 billion, compared to N825.396 billion in July.
Other factors like the shutdown of Balema Gas Plant and Trans Niger Pipeline as well as decline in Production Sharing Contract (PSC) and Modified Carry Arrangement (MCA) were also identified as contributory factors to the drop in revenue for August. As a result, FAAC withdrew N26.214 billion from the Excess Crude Account to shore up revenue for August.
Ngama also said that N124.092 billion was transferred to the ECA in August, thus bringing its current value to about $8.2 billion.