Nigeria’s Monthly Revenue Dropped to N564.8 billion in August

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the Accountant-General of the Federation (AGF), Mr. Jonah Otunla, has said on Friday that Nigeria’s monthly revenue dropped from N825.3 billion in July to N564.8 billion in August.

The AGF was speaking the end of the monthly Federation Accounts Allocation Committee meeting in Abuja. According to the News Agency of Nigeria (NAN), Otunla attributed the development to “many factors,” including the security challenges facing the Nigeria National Petroleum Corporation. He however said, “We are trying to address the issue.”

The accountant-general explained further that mineral revenue accounted for N451.8bn, while non-mineral revenue was N113.03bn in August. He also explained that the federal, state and local governments shared N570.6bn from the federation account in August, saying that the balance in the Excess Crude Account was $8.03bn dollars, after N124bn was transferred from the account in August.

In his words, “The accumulated total revenue of N564.9bn. Out of this, N124bn was transferred to the Excess Crude Account. After we have deducted cost of collections by the Federal Inland Revenue Service and the Nigeria Customs Service, we have a net statutory revenue of N435bn.”

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