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.
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