FG, STATES, LGS SHARE N420 BILLION AS REVENUE FOR SEPTEMBER AS AGAINST N510.3 BILLION SHARED IN AUGUST.
The three tiers of government shared N420 billion as revenue for September as against N510.3 billion shared in August. The sum of N510 billion was shared in August. The Minister of Finance, Mrs Kemi Adeosun, said this in Abuja on Thursday at the monthly revenue allocation to Federal, States and Local Governments. She was represented by the Permanent Secretary of the ministry, Mr Mahmoud Isa-Dutse. According to her, the revenue allocation to Federal, States and Local Government for September declined by N90.2 billion. Adeosun attributed the decline to the loss of 45.5 million dollars in Federation export sales, despite the increase in average price of crude oil from 46.06 dollars per barrel in May to 48.4 dollars in June. “Force Majeure was declared at Bonny Terminal and there was a subsisting Force Majeure at Forcados Terminal. “Shut-in and Shut-down of pipelines for repairs and maintenance also contributed to the drop in revenue. “Also, there were decreases in...